If you have filed your taxes, you may have received a refund lower than in previous years.
According to data from UBS economists, tax refund payments are about 30 percent below the 2017-2019 average for this time of the year. Although it is still early in the tax season, which started on January 23, the trend in cumulative payments is concerning.
Even when compared to February 2022, the average refund paid is still ten percent lower.
Overall, UBS economists are not confident that the high level of refunds will be emulated this year.
The federal government and the tax man get to keep more of your money!
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Thousands of tax returns filled electronically have been erroneously rejected but the IRS due to rules which haven’t been updated (e.g. Form 8960 error) so this isn’t surprising.