Lower Tax Refunds

Last year’s big tax refunds paid for spring shopping, but 2023 may disappoint. The average refund amount is 11% lower this filing season. IRS data shows a $3,079 average refund, down from $3,473 in 2022.Nevertheless, last year’s large refunds were due to pandemic-era initiatives like the enhanced child tax credit and stimulus check payments that were refunded to folks who hadn’t received them. (If you weren’t eligible for those monies, your refund might be similar this year if your tax situation has stayed the same.)