Tax season continued its sluggish start into early February, but tax refunds continued to steadily roll out the door.
Every tax season has its own quirks and nuances. Oddly enough, though, the Internal Revenue Service has received 7.7% fewer returns so far this year. The agency also has processed 7.6% fewer returns through Feb. 7, according to the latest data published Friday.
Why the delays?
A variety of factors could be coming into play and keeping many people from filing their returns early in the game, including misleading online tax advice via social media, a flood of 1099-K forms, political rancor, some delayed deadlines in states hit by federal disasters, and the calendar itself.The average federal income tax refund was $2,065 during this first two weeks of this year's tax season through Feb. 7, according to the IRS. That's up 18.6% from last year's tax season through Feb. 9, 2024.
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Many times, those filing tax returns in late January and early February want to receive their refund cash as early as possible.
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