The 2023 tax filing season is in full swing. The Internal Revenue Service (IRS) began accepting 2022 tax returns on January 23, and the season runs until April 18 this year. As usual, taxpayers are being encouraged to get their returns in as soon as possible in order to get their refunds as quickly as possible—and the latest data from the IRS indicates that millions are doing just that.
According to the IRS’s latest filing statistics for the 2023 season, which include up to the week ending on February 3, the total number of 2022 returns the IRS has received so far is 18,946,000. That’s up 13.5% over the 2022 filing season at the same point last year. Of those 18.9 million returns received, the IRS has also processed 16,767,000 of them—up a whopping 29.1%.
But it’s the refund statistics where things get really interesting. So far this year, the IRS has issued 7,996,000 refunds totaling $15.696 billion. The number of refunds the IRS has issued to date is a staggering 84.7% higher than at the same point in the 2022 tax filing season. And the total amount refunded is 64.6% higher than at the same point last year.
However, what may be a disappointment to some is that for the 2023 tax filing seasons so far, the average amount refunded by the IRS is 10.8% lower than the average amount the IRS refunded up to the same point in the 2022 tax season. Up to February 3, the average amount refunded this year has been $1,963. Last tax season at the same time it was $2,201.
Experts have already warned taxpayers to expect smaller refunds due to a number of factors, including the end of pandemic-era stimulus programs and other tax credits. Of course, that doesn’t necessarily mean your tax refund will be lower than last year—it just all depends on your unique tax situation. Also, that average refund amount for 2023 could go up (or down) as more returns come in.
If you’re wondering about your refund, you can check the status of it using the IRS’s “Where’s My Refund?” tool.