Americans relying on tax refund to stay afloat amid sticky inflation
The IRS said it has issuedas of the week ending Feb. 17. That number is 26% higher than last year. The average refund amount was $3,140, down 11%.
Taxpayers typically receive a refund if they had too much money withheld and overpaid their taxes the previous year. For many families, the money can be substantial: Nearly three-quarters of filers received a tax refund in 2022, with an average payment worth about $3,176 – up from about $2,800 in 2021.
Although consumer prices have stopped accelerating relentlessly, they still remain about three times higher than the pre-pandemic average.
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