Tax refund cash already has begun hitting the bank accounts and wallets of early tax filers with the Internal Revenue Service reporting that the average tax refund so far is $1,963. But that number isn't as exciting as a year ago.
Average refunds this year through Feb. 3 areThe IRS began processing tax returns for 2022 on Jan. 23. Since then, the IRS has issued nearly $15.7 billion in federal income tax refunds through Feb. 3, based on IRS data released Friday afternoon. That's up, amazingly, nearly 65% from a year ago.Yes, it is very early in the game. Federal income taxes are not due until April 18. Early filers often have simpler returns and remain eager to get tax refund cash as early as possible.
As of a Jan. 30 update online, the IRS said it is now opening mail within normal time frames. The agency said it has"processed all paper and electronic individual returns received in 2022 or earlier." The returns were processed in the order received, the IRS said, if they had no errors or did not require further review.recevied in 2022 remained as of Dec. 30, 2022. The group involved 1.
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