Tax Refunds Decrease for 2018 Returns While Income Tax Brackets Increase for 2019

Decrease in Refunds
Last year, the United States Government Accountability Office estimated that about 4.6 million fewer filers would receive refunds in 2019 and that another 4.6 million filers would owe money to the IRS. While it is still very early into the filing season, the prediction thus far seems accurate. As of the first week of February, the IRS issued 4,672,000 refunds, with the average refund totaling to $1,865, down from last year’s refund average which was set at $2,035.