Here’s why your tax return may have decreased from last year
(CNN) – Most Americans have two more weeks left to file their taxes, and don’t be surprised if your refund is smaller this year.
According to the Internal Revenue Service, 80 million Americans have filed their 2022 returns.
So far, the government has issued $172 billion in refunds, which is about 9% less than at the same time last year.
The average refund also dropped from about $3,200 to $2,900.
One reason for the decrease is that pandemic-era provisions, like the expanded child credit, have expired.
Still, the total number of people receiving refunds is up.
According to the IRS, 59 million people have gotten a refund this year, which is about 3% more than last year.
Most Americans have until Tuesday, April 18, to file their taxes.
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