This is the amount of dollars you will receive during the current tax season

The United States Internal Revenue Service (IRS) recently announced the average tax refund for this year. Meanwhile, the deadline for filing prior year tax returns is approaching.

IRS statistics show that the average tax refund for 2024 is lower than the 2023 estimate. This information differs from the forecast previously provided by the federal agency.

The national government agency reported that data on nearly 3 million Americans was reviewed. The standard tax refund amount was $1 USD. This amount represents a 395.00% decrease compared to last year, as in 29 the average refund was $2023 USD.

The IRS is reminding taxpayers that the 2024 tax season began on January 29th of this year. The agency also commented that it has received few tax returns because the season has only recently begun.

The reason for the decrease in reimbursement

Among the reasons for this year's refund reduction is the IRS's adjustment to tax rates. The underlying cause of the tariff update is related to rising inflation in the economy in recent years.

The changes were implemented to prevent rising inflation from negatively impacting tax payments. The IRS acknowledged that the start of the fiscal year has been dynamic due to the changes implemented.

In addition, the agency is confident that Americans will comply with filing tax returns during the next quarter. The agency is urging citizens to file their taxes by Monday, April 15, 2024.