U.S. Tax Refunds Decline 3.3% This Year in Run-Up to Deadline

The IRS has received more than 100 million tax returns so far in 2024 and a massive surge is expected over the last week of tax season culminating with the April 15 deadline. But people that tend to file late typically don’t anticipate a refund.

Separately, a poll conducted by CivicScience found that more Americans say they owed money unexpectedly or owed more than thought this year compared to 2023, the latter being especially true for households earning $100,000 or more annually.

The survey results also suggested that tax refunds may be correlated with economic sentiment. Within the past 30 days, almost two thirds of those who owed more than anticipated were far more likely to report being “very” concerned about the current state of the US economy and the labor market, compared to 45% who were billed or refunded as expected.