Tax refunds so far this year are noticeably smaller than they were at the same time last year, according to early data published by the IRS.
The average refund check so far this year is worth $1,395 as of Feb. 2, about 29% lower compared to the $1,963 average recorded last year. That is based on nearly 2.6 million tax refunds collectively worth about $3.65 billion.
However, the IRS has cautioned taxpayers the average refund amount will likely change in the coming months as more returns are processed.
Americans who expect to receive the earned income tax credit, a tax break for low- to moderate-income workers, or the child tax credit cannot legally receive their refund before mid-February, which could also be distorting the picture.