This story is a part of Taxes 2023, CNET’s protection of the very best tax software program, tax suggestions and every thing else you have to file your return and monitor your refund.

Tax season began just a little over a month in the past and, whereas the IRS remains to be going robust, the tempo of returns and refunds is slowing. 

The company has processed near 37 million 2022 federal revenue tax returns since Feb. 17, about 10% extra returns than it accomplished this time final 12 months. One week earlier, although, on Feb. 10, the company was 13.6% forward of final 12 months’s tempo. 

There have been much more early filers than standard this 12 months due to the expiration of the expanded tax credit score and different advantages from 2021, in accordance with Mark Steber, chief tax data officer at Jackson Hewitt.

“Individuals are relying on their refund much more and are submitting earlier to get it sooner,” Steber mentioned.  

Now that we have moved additional into the tax season, the supersized rush is abating. As of Feb. 10, the IRS acquired 9.1% extra returns than final 12 months. Now it is simply 2.6% extra.

This is how the IRS is doing to date in tax season 2023.

For extra on taxes, discover out about all of the tax breaks obtainable to owners, and be taught concerning the adjustments to the kid tax credit score.

Extra returns processed

As of Feb. 17, the IRS has processed 36.7 million federal revenue tax returns, a 9.9% enhance from the 33.5 million it acquired via this time final 12 months. 

The IRS’ funding was beefed up by the 2022 Inflation Discount Act, which added practically $80 billion to its coffers over the subsequent 10 years. A few of that has already gone towards enhancing expertise and hiring extra customer support representatives.

Extra refunds issued

The IRS has issued 27.Eight million refunds so far this 12 months, about 26% greater than the 22 million despatched in 2022. (The company struggled to pay well timed refunds final 12 months.) 

On Feb. 10, the IRS was 48.4% forward of the place it was final 12 months in sending out refunds.

Refunds for the tax 12 months 2022 presently stand at $87.2 billion — or 11.8% more cash than this time final 12 months. 

On Feb. 10, the IRS had despatched out 27.6% extra in refunds than it did the identical week final 12 months.

Learn on: How you can Monitor Your IRS Refund

Smaller checks

Because of the finish of the expanded baby tax credit score and different enhanced tax breaks, the typical refund has declined by 11.2%, or about $396, from 2022.

On the plus aspect, refunds are getting larger because the tax season goes on: On Feb. 10, the typical quantity the federal authorities gave taxpayers again was solely $1,997. By Feb. 17, it was as much as $3,140.

And the variety of direct deposit refunds is up, too — by greater than 20% — from 21.Eight million in 2022 to 26.Three million in 2023.

Direct deposit funds are usually acquired inside three weeks, in contrast with six to eight weeks for paper checks.

Digital drill-down 

The IRS says e-filing is the best method to make sure your return and any refund are processed promptly. Over 97% of the 36.9 million tax returns submitted to date in 2023 have been filed electronically. About 41% of these have been ready by tax professionals, the rest have been self-prepared.

Visits to the IRS web site, in the meantime, have declined 14.3% this season.

Learn on: Why Your Tax Refund Might Be Smaller This Yr

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