For the first time in the 2017 tax season, the size of the average tax refund increased over the prior year. The average refund for the period ending February 17 was .3 percent higher than the period ending Feb. 19, 2016. And while the number of returns filed still lag the prior season, the gap narrowed substantially.The average refund for 2017 to date was $3,137, compared to $3,128 for last year's comparable period. The changes suggest this year's lagging figure stem from Congress ordering the Internal Revenue Service to hold refunds for returns claiming the Earned Income Tax Credit and Additional Child Tax Credit until February 15.
There were 49,020,000 refunds received by the IRS through February 19, down 13.3 percent from 42,502,000 a year earlier. That was an improvement from a decline of 17.2 percent through February 10 and a 24.3-percent decline through February 3.
The 18,941,000 returns efiled by tax professionals trailed the 2016 period's 22,588,000 by 16.1 percent. As has been the case in each of four reports for the current season, self-prepared filing was stronger. There were 21,506,000 self-prepared returns efiled through February 19, down 11 percent from 24,170,000 in last year's corresponding period.
