IRS: Federal tax refunds are averaging about 11% smaller this year

DES MOINES — Iowans who are getting a refund on their federal taxes this year should expect it to be a smaller check than it was last year, according to IRS spokesman Michael Devine.

“About 11% less per tax return,” Devine says, “and that’s because many of the credits that were pumped up during COVID have returned to their 2019 levels.”

If you haven’t already filed your returns, Devine urges Iowans to file electronically, though you do still have more than six weeks. “E-file is the fastest and safest and absolutely the most accurate way to do your return, because the software doesn’t make an arithmetic mistake,” he says. “It doesn’t put the wrong number on the wrong line.”

If you’re due a refund this year, Devine says e-filing is the fastest way to get what you’re owed.  “When you e-file your return and use direct deposit, so the money goes right into your bank account, you get your tax return processed faster,” he says.

In most cases, Devine says you can expect a refund within 21 days and often, even faster. The deadline to file your 2022 federal return is April 18th, while state returns are due May 1st.