Why your IRS tax refund may be smaller this year

Uncle Sam is a bit stingier this year when it comes to refunds on Americans’ income tax returns.

The average refund check handed out to the 72 million Americans who filed their 2022 income tax returns as of March 17 was down 11%, according to figures calculated by the Internal Revenue Service.

The IRS figures were first cited by Bloomberg News.

According to the tax-collecting agency, the average refund payment was $2,993 — which is down 9.4% from $3,305 at the same time last year.

As of March 17, the federal government has paid out $158 billion in income tax refunds — which is down from $171 billion a year ago.