View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

3/19/2020

Average Tax Refunds Up 19 Percent from Last Week and Consistent with 2018 Refunds | U.S. Department of the Treasury

Average Tax Refunds Up 19 Percent from Last Week and
Consistent with 2018 Refunds
February 28, 2019

Washington – Through four weeks of the filing season, the average tax refund in 2019 increased
to $3,143, a significant jump from last week’s average of $2,640. The average refund at this point
in the filing season is now up 1.3 percent over last year based on 47.7 million individual returns
processed thus far in 2019 compared 49.2 million returns processed in 2018.
As previously stated, the increase in the weekly data is primarily due to the remainder of the
Earned Income Tax Credits and Child Tax Credits being paid out this week. Despite the higher
refund average, we remind taxpayers that weekly filing season data is variable and will continue
to fluctuate. We caution against drawing broad conclusions on refunds overall this early in the
filing season.
We also continue to emphasize that there is a di erence between a tax liability and a tax refund.
The size of someone’s refund is a separate issue from whether their taxes have increased or
decreased. Most people are benefiting from the Tax Cuts and Jobs Act by receiving larger
paychecks throughout the year, instead of tax refunds that simply result from people overpaying
the government throughout the year.

####

https://home.treasury.gov/news/press-releases/sm617

1/1


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102