IRS: Federal tax refunds down more than $6 billion from last year

Federal tax refunds through March are down by more than $6 billion from last year, according to information from the IRS. 

Through March 2019, refunds have reached $206.1 billion vs. $212.3 billion in March 2018. That reflects a decrease of about 2.9 percent.

The number of tax returns filed so far this year is also down by about 1.3 million compared to last year.

There have been more than 1.6 million fewer refunds so far this year than through this time period in 2018. And the average refund is about $20 less than last year at around $2,873.

Tax preparers say it’s taking some longer to file their taxes because they want to make sure they understand President Trump’s Tax Cuts and Jobs Act, The Hill reports. 

This is the first year the many returns will reflect some of the changes under the law.

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