Tax Refunds Down

The IRS has noted that tax refunds are down from last year. As of March 22, the average refund was $2,985; it was $3,030 as of March 23, 2012. The IRS paid $187.7 billion in refunds as of March 22, 2013; as of this day last year, refunds totaled $200.9 billion.

One of the reasons for the numbers, says the IRS, is the delay that some taxpayers have had when claiming education credits. Some failed to complete all of Form 8863, which delayed refunds for 2 to 4 weeks.

The IRS has no projection on what the final results for refunds for individuals will be. We’ll keep you posted!

Source: CCH Report