With the tax deadline approaching, the Internal Revenue Service (IRS) said it had issued 53.9 million refunds as of March 17. The average refund payment was lower than that at the same time last year, at $2,933 compared to $3,305, an 11.3% decrease, according to IRS data.
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.
Take Our Poll: How Much of a Tax Refund Do You Expect in 2023?
Discover: GBR’s Tax Resource Center
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.
More From GOBankingRates