After slow start, tax refunds are ticking up, with the average check now more than $3,000

Close to a month into tax season, tax refunds are starting to increase.

The average check is now $3,143 for the week ending Feb. 22, according to the IRS. That’s just about on par with last year’s figures, reflecting a rise of 1.3 percent year over year.

The increase in refund amounts is a change from the recent downward trend of smaller checks.

Treasury Secretary Steven Mnuchin said in an interview with CNBC on Thursday that refunds were rising. “Tax refunds are up 17 percent week over week,” he said. That basically gets us to the same level as last year.”

More from Smart Tax Planning:
What taxpayers should know about the new Form 1040
Use your tax return to unearth your spouse’s money secrets
Why the average tax refund is down 16 percent

This tax season is particularly notable for filers.

It’s the first time taxpayers are submitting their returns under the Tax Cuts and Jobs Act, which took effect last year.

Taxpayers have been grappling with the overhaul, which nearly doubled the standard deduction, eliminated personal exemptions and placed limits on itemized deductions.

Since the opening of filing season on January 28 and up until the week ending February 15, the average refund was down compared to last year.


READ  Shanghai Stock Exchange considers first revamp of benchmark in 30 years - Bloomberg News


Please enter your comment!
Please enter your name here