Saturday February 22, 2020
Average Income Tax Refund Up 1.3%
On February 28, the IRS reported an increase in tax refunds. The average 2019 refund amount of $3,143 is 1.3% higher than last year's average. The increased refunds reflect tax returns that claimed the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC).
Most taxpayers who file electronically receive a tax refund within 21 days. If a paper tax return is filed, the refund may be delayed for six weeks or longer.
For the approximately 21% of taxpayers who will owe additional tax this year, the Service reminds them that payment is due by April 15, 2019 (with the exception of Maine and Massachusetts residents who must pay by April 17, 2019). If taxpayers cannot pay the full amount, there are four options approved by the IRS.
Published March 1, 2019