Ka-ching! The average tax refund payment is higher than last year

Leada Gore
al.com (TNS)

Statistics from the Internal Revenue Service show the average refund so far this tax season is higher than the previous year at the same point.

Last year at this time, the IRS had processed 16.6 million refunds worth $47.7 billion. This year, those figures have grown to 22 million refunds with $78 billion already delivered as of Feb. 18. Last year’s average refund at this point was $2,880, compared to an average of $3,536 for this year.

Those numbers reflect an increase of nearly 23% - or $656 – over last year’s average.

More:York County middle school isn't cleaning properly: food inspections

More:Woman charged with stabbing, killing cousin headed to Common Pleas court

More:York City Firefighters welcome new engines

The agency has warned of the possibility for significant delays in processing this year due to the COVID pandemic and staffing shortages but said it was off to a “strong start.” It noted, however, that numbers can shift dramatically during the early weeks of filing season due to “numerous factors, including the calendar and filing patterns that change from year to year.”

The IRS has received 3.5% more tax returns at this point than it did last year – 35.9 million vs. 34.69 million. The number of taxpayers using direct deposit for the refunds has grown as well, 21.8 million this year compared to 16 million last year.

This year’s tax season is on a different schedule. Last year’s filing season began Feb. 12, 2021, compared to Jan. 24 this year. Last year’s filing deadline was May 17, 2021; this year’s deadline is April 18, 2022.