Tax Refund Disappointment: Average Refund Down Almost $300

The expiration of pandemic relief programs and high inflation are among the factors contributing to the 9.3% decrease in the average tax refund.

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The Associated Press reports that the average tax refund for taxpayers who have filed as of April 7 is down 9.3% compared to last year. The expiration of pandemic relief programs and high inflation are among the factors contributing to this decrease.

Currently, the average refund stands at over $2,800, a drop from more than $3,100 last year, representing a notable difference of nearly $300. Tax filing deadlines have been extended for areas affected by severe weather in California, Alabama, Georgia, New York, Tennessee, Arkansas, Mississippi, and Indiana.

FILE – The Internal Revenue Service 1040 tax form for 2022 is photographed, Monday, April 17, 2023. (AP Photo/Jon Elswick, File)

For numerous families, tax refunds provide the most significant one-time financial boost of the year. The child tax credit, previously set at $3,600 per child, has reverted to $2,000 per child, while the maximum child and dependent care credit has been reduced to $2,100.


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