The IRS has released its filing statistics for the week ending April 7, 2023, and the numbers are in: over 69 million refunds have been issued, totaling $198.868 billion. While this may seem like a lot of money, it’s actually a decrease from the previous year’s filing season, which saw $222.344 billion in refunds handed out. This year’s refund is $23.476 billion smaller, representing a decrease of approximately 10.6 percent.
In addition to the decrease in overall refund amounts, the average refund has also dropped. Last year, the average refund was $3,175, while this year it is only $2,878, a decline of 9.3 percent or $297. These statistics indicate that individuals may have paid more in taxes this year or claimed fewer deductions, resulting in a lower refund amount.
The #IRS is paying $23 billion less in tax refunds for the 2023 filing season.
The average refund amount between the filing seasons has dropped from $3,175 to $2,878, a decline of 9.3%. https://t.co/eRgRSfWG6d
— The Epoch Times (@EpochTimes) April 21, 2023
It’s important to note that while these statistics may seem alarming, they don’t necessarily mean that taxpayers are paying more in taxes. In fact, the IRS collected $2.9 trillion in individual income taxes for fiscal year 2022, indicating that taxpayers are still paying their fair share.
The IRS also reminds taxpayers that they can track the status of their refund using the “Where’s My Refund?” tool on the agency’s website. Taxpayers can check the tool within 24 hours of filing electronically or four weeks after mailing a paper return.
In conclusion, the IRS has issued over 69 million refunds for the 2023 filing season, totaling $198.868 billion. While this represents a decrease from the previous year, it’s important to keep in mind that taxpayers are still contributing to the overall tax revenue collected by the IRS. Taxpayers should use the “Where’s My Refund?” tool to track the status of their refund and contact the agency if they have any questions or concerns