Estimated reading time: 1 minute, 48 seconds

tax refundsAfter sharply for the prior weekly report, the average refund for the current tax season ended up with slight growth. For the season through February 22, the average refund was up .1 percent compared to the season through Feb. 23, 2018, a sharp turnaround from down 16.3 percent for the season through February 15.

The average refund this year is now $3,226,  up from $3,199 for last year’s comparable period. However, the number of refunds and the amount of dollars refunded remained down from 2018, although significantly improved and all other statistics improved and this has been the pattern of the last few years.

Money refunded in 2019 reached $120.7 billion, off 2.9 percent from $117.2 billion a year earlier. That is substantially improved from the prior weekly report in which the amount paid out the amount was off $39 billion from the prior year. This may reflect issuance of Earned Income Credit and education refunds, which by law cannot go out until after February 15.

The 36,329,000 refunds issued through February 22 are down 3.7 percent from a year earlier. But that is up from 23,485,000 returns issued through February 15, an almost 13 million increase.

There were 49,923,000 returns received by the IRS through February 22, down 3.5 percent from the prior year—a week earlier the level was off 3.8 percent from the February 15 report.

Efile receipts hit 47,866,000, a decline of 2.7 percent, down from 49,192,000. Email receipts from tax professionals for the season through February were 21,869,000, down 6.7 percent from 23,438,000. There were  25,997,000 self-prepared returns submitted, an increase of .9 percent from 25,754,000.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Monday, 11 March 2019
Read 1355 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline