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Feb102019

Average Tax Refund Down This Year

Feb. 9 (UPI) -- The average tax refund was down from last year after the first week of filing, according to the IRS, under the first full year of the overhauled tax code.

The IRS reported refunds averaged $1,865 compared with $2,035 for tax year 2017. Also, the number of returns received, 18,302,000, declined 12.4 percent from 16,035,000 for five days through Feb. 1.

The Republican-led tax overhaul was the most sweeping changes to the tax code in 30 years.

]For tax year 2018, people will no longer use Form 1040A or Form 1040EZ but instead will use the redesigned Form 1040, according to the IRS. "Many people will only need to file Form 1040 and no schedules," the IRS said on its website.

CNN reported people might see smaller refunds than expected if they didn't adjust their paycheck withholdings after the changes took effect.

In addition, their tax burden might increase because the revised code eliminated some popular deductions, including moving expenses for self-employment, personal exemptions, limited state and local taxes, and miscellaneous ones subject to a 2 percent floor, according to TaxAct Blog.

The tax season opened on Jan. 28. The 35-day partial government shutdown, the longest in U.S. history, which affected the Treasury Department, ended three days earlier.

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