Your tax refund could be smaller than last year. Here’s why

The Associated Press

NEW YORK (AP) – If you’re expecting a tax refund, it could be smaller than last year. And with inflation still high, that money won’t go as far as it did a year ago.

The more than 101 million taxpayers who had filed as of April 7 got refunds that were an average of 9.3% less than last year. That’s in part due to pandemic relief programs expiring.

The filing deadline for most taxpayers is Tuesday, though it has been extended for eight states that were hard hit by severe weather.

According to the most recent IRS data, the average refund is $2,878, down from $3,175. That’s a difference of more than $300.

Read the full story on AP News right here.

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4/18/2023 12:44:12 PM (GMT -5:00)