Irs 2016 extension form 48684/15/2023 The IRS now delays refunds until mid-February for those people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. With more money returned to taxpayers during the year, refunds should be a bit lower.Īnother factor was increased Internal Revenue Service efforts to combat fraud. This was partly due to tax reform, which cut tax rates but also resulted in lower paycheck withholding in 2018. Slightly smaller refunds likely played a role, "but the slower pace of refunds received and processed is as much an issue as the amount," he said.īesides, Kleinholz said there's often a lag between when people receive tax refunds and when they spend the money: "They do not immediately flow into the economy."Īverage refund amounts were distorted earlier in the year. Jack Kleinhenz, chief economist for the NRF, said first-quarter spending was affected by various other factors including the government shutdown and trade tensions. Besides, not all those refund dollars go to purchases, as some recipients use the money to pay debts and increase savings. While that would be lower than the estimated 4.6-percent pace in 2018, it's still solid.
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