Average Tax Refund Falls Sharply in 2023

Man unhappy about the size of his tax refund
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The total amount of money flowing into American wallets from federal tax refunds is down sharply in 2023, according to the latest figures from the IRS. So far in 2023, federal tax refunds amount to about $183 billion, a 10.4% decrease from the $204 billion refunded at the same point last year. The size of the average refund also is shrinking. It stands at $2,910, down 9.8% from the average refund…

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