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If you are anticipating a tax refund, you might receive a smaller amount compared to last year. Due to the high inflation rate, it may not be as much as it was a year ago.
As of April 7, more than 100 million taxpayers who filed their returns received refunds that were 9.3% less on average than last year. This is partly because some pandemic relief programs have expired.
According to the most recent data from the IRS, the average refund is $2,878, which is a decline of nearly $300 from last year’s $3,175.
For many households, especially those of working families, the tax refund is the most significant one-time financial gain of the year, according to Kathy Pickering, the Chief Tax Officer of H&R Block.
