The IRS Has Refunded $15.7B As of Feb. 3 — Here’s How Much the Average Taxpayer is Getting Back

Income tax refund.
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The IRS advised taxpayers that they may see smaller refunds this tax season, and as of early February, it appears the agency was right. While the IRS has issued $15.7 billion worth of refunds as of Feb. 3, the average refund amount dropped by almost 11%, from $2,201 in 2022 to $1,963 this year.

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The good news is that the IRS is operating much more efficiently than last year. Thanks in part to hiring 4,000 new customer service agents and adopting more modern technology, the agency has processed 16.7 million tax returns so far this season, up 29% from 2022. Plus, the IRS is issuing more than 90% of refunds within 21 days of receiving and reviewing tax returns.

Track Your Tax Refund

You can see your refund status by using the “Where’s My Refund?” tool on the IRS website, but you must wait at least 24 hours after e-filing your return for your information to appear. If you submit a paper tax return, it may be six months or more before your refund status becomes available.

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Make the Most of Your Tax Refund

While you may have hoped for (or expected) a larger amount, you can still improve your life and finances with a small tax refund. Consider beefing up your savings, paying off debt, taking an online course, or making needed repairs to your home or car.

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About the Author

Laura has been a freelance writer since 2018. Her work primarily focuses on managing your money, navigating your career, and running a successful business. She earned her MBA and a Bachelor's degree in Psychology during her previous career in human resources. She is also a business coach to new and aspiring freelancers and runs an online resource hub for them called Before You Go Freelance. In addition, she helps other writers get clear on their message, plan their content, and produce compelling written works.
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