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Here’s how tax refunds look compared to last year

The final stats are in from the IRS — and it looks like the average tax refund check isn’t all that different from last year.

The average refund check for the week ending April 19 was $2,725, according to the tax agency. That’s down 2% from a year ago.

In all, the federal government paid $260.9 billion in refunds to taxpayers, compared to $265.3 billion in 2018.

Tax returns are in the public eye as filers and accountants grapple with the Tax Cuts and Jobs Act, the 2018 overhaul of the tax code.

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Under the new law, the standard deduction has been doubled to $12,000 for single filers ($24,000 for joint) and a number of key itemized deductions have been curtailed. The personal exemption — once valued at $4,050 for each filer, spouse and dependent — has been suspended.

The new law also doubled the child tax credit to $2,000 per kid under 17.

Finally, the Tax Cuts and Jobs Act has trimmed down individual income tax rates across the board.Though the IRS data suggests that things aren’t all that different for individual taxpayers year over year, CPAs said that clients had plenty of surprises when they filed.

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About Virgie Powell

Virgie B. Powell writes for Reiterment Planning and Tax Advice sections in AmericaRichest.

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