Tax refunds slightly down in 2019

Despite the tax overhaul of 2018, IRS refunds have not changed significantly, according to a recent post tax filing report from the IRS. The federal government paid $260.9 billion in refunds to taxpayers, compared to $265.3 billion in 2018.

According to cnbc.com, “The average refund check for the week ended April 19 was $2,725, according to the tax agency. That’s down two percent from a year ago. In all, the federal government paid $260.9 billion in refunds to taxpayers, compared to $265.3 billion in 2018.”

Changes made in the Tax Cuts and Jobs Act (TCJA), the tax reform legislation enacted in December 2017 included lowered tax rates, increased standard deductions, suspension of personal exemptions, the increased Child Tax Credit and limited or discontinued deductions.