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2023 Tax Refund: IRS Warns Decrease in Refunds This Year

2023 Tax Refund [Photo: HW&Co.]
2023 Tax Refund [Photo: HW&Co.]

The Internal Revenue Service (IRS) has warned taxpayers that the 2023 tax refund will decrease this year. In this article, read and find out how much will the refunds be compared to last year!

Income Tax Return [Photo: Vox]

Income Tax Return [Photo: Vox]

As of February 10, the Internal Revenue Service (IRS) had already received around 29 million tax returns and processed over 26.6 million 2023 tax refund. However, the tax returns this year may still experience delay because the IRS are also working through a backlog of some of the tax returns filed in 2022.

According to Adamczyk, the IRS announced that taxpayers who filed a paper return must wait for up to six months before they can receive their 2023 tax refund. If taxpayers want to receive their tax refunds as soon as possible, the IRS suggests that they file their tax returns electronically.

READ ALSO: Smaller Tax Refunds Ahead: Changes To Credits, Deductions, And Pandemic Policies Impact Tax Returns

How much will be the 2023 Tax Refund?

According to LaPonsie, the average 2023 tax refund this year is worth $1,997. The statistics revealed by the IRS states that in comparison to the average of $2,323 in 2022, this amount is decreased by 14%. Fortunately, the average may still change and increase as more taxpayers file their tax returns before the deadline in two months.

Nonetheless, the decrease in 2023 tax refunds is reportedly realistic. This is because taxpayers did not receive any COVID-19 pandemic relief like stimulus checks this year. Provisions in the tax deductions and credits such as the expanded Child Tax Credit (CTC) also increased the amount of the tax refunds last year.

READ ALSO: IRS Warns Taxpayers About Smaller Tax Refunds In 2023

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