Here's Why the Average Tax Refund Check is Down 16% from Last YearSubmitted by Desmond Wealth Management, Inc. on March 4th, 2019
- The Tax Cuts and Jobs Act, which took effect in 2018, led the IRS and Treasury to adjust the tax withholding tables, which factor into the amount of income taxes withheld from your pay.
- The average refund check is $2,640, down more than 16 percent from last year, according to the IRS.
- Have a side gig? Do you have dependents? Did you itemize deductions in the past? Review your withholding.
We are weeks into the new tax season and average tax refunds continue to be lower than last year.
The average tax refund is $2,640 for the week ending Feb. 15, according to the IRS. That's down by more than 16 percent compared to the year-ago period.
For the first time, taxpayers are submitting their returns under the Tax Cuts and Jobs Act, which went into effect last year.
The filing season only kicked off on Jan. 28, but some early filers are finding that they're either owing the IRS or they'll be receiving a smaller refund.