The IRS tax filing season statistics for the week ended February 28 reported the average size of a refund was $3,064, down from the $3,125 in the prior week. It was only slightly changed from the average size of a refund in the March 1, 2019 when it was $3,068.
It is normal for the average size of a refund to increase during the first four weeks of the filing season and then decline thereafter. Individuals expecting a refund — of whatever size — tend to file earlier than those who anticipate having to make a tax payment. The rise in popularity of tax preparation software, access to computers, and acceptance of direct deposit have all combined to encourage early filing as well.
In 2020, the tax filing season began on January 27 and will conclude on April 15 for the vast majority of individual taxpayers. See “On the radar” from January 8, 2020.
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