The standard refund is extended up to $3,207 and should continue increasing until more returns are filed.
The $3,207 Average Tax Refund:
After two weeks, Tax Refunds finally increased due to noticeably smaller refunds compared to the same time last year.
Even though the Tax Refunds increased by 2% this time, the number of taxpayers filing returns decreased. According to the IRS report, the average refund amount was $3,207 as of Feb. 16 from $3,140 last year in the same period.
Based on weekly filing statistics, there was a return processed 6% lower than this time last year even though there was a 2% increase in tax refunds. According to YahooFinance.
Refunds that involved the Earned Income Tax Credits (EITC) and also the Additional Child Tax Credit (ACTC) are postponed by law until mid-February.
READ ALSO: EARNED INCOME TAX CREDITS (EITC)
2% Tax Refund Increase, How Will These Affect You?
The taxpayers affected by the storms and other natural disaster is counted in the low numbers of returns received and processed.
By this week, the IRS added the taxpayers in San Diego to the developing list of those who had an extension to file due to storms.
Taxpayers in a Federal Emergency Management Agency announced Disaster Relief Zone are eligible for the extended deadline. The filing deadline is extended to June 17 for taxpayers in San Diego, Connecticut, Rhode Island, Maine, West Virginia, and Michigan also affected by storms, tornadoes, and flooding.
READ ALSO: Tax relief in disaster situations