Individual refunds are now in positive territory year over year, as the average check rises to $3,143. That's up from $3,103 a year ago. Here's what you can expect.
div > div.group > p:first-child"> The average check is now $3,143 for the week ending Feb. 22, according to the IRS. That's just about on par with last year's figures, reflecting a rise of 1.3 percent year over year.Treasury Secretary Steven Mnuchin said in an interview with CNBC on Thursday that refunds were rising."Tax refunds are up 17 percent week over week," he said. That basically gets us to the same level as last year.
Rep. Kevin Brady , who had sponsored the tax overhaul as it made its way through Congress, had told CNBC that those refunds were smaller for 2018 because taxpayers received their money in their paychecks during the year.If you withhold too much, you're likely to get a refund. Major changes include the end of personal exemptions, the doubling of the standard deduction and reduced individual income tax rates.
The tax agency has been reminding taxpayers throughout 2018 to take a second look at their withholding and make estimated payments, if needed. It's generally a good practice to review your withholding, especially if you've been through major life changes, including getting married or having children.If you're unhappy with your 2018 results, talk to your tax preparer or accountant about running a projection of your 2019 taxes.
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