As of February 3, the IRS had issued eight million refunds totaling nearly $15.7 billion, the agency reported.
The IRS also received a significantly higher number of returns for this period as compared to last year, with about 18.9 million returns received as compared to 16.7 million in 2022.
However, the average refund amount was $1,963, down from $2,201 last year for the same period, marking a 10.8% decline. Although the IRS previously warned that returns might be lower this year compared to last, the agency still has millions of returns to process before the April 18 deadline.
