The IRS announced on February 20, 2014 that the average refund of $3,211 is up $190 from the same period last year (period ending February 14th). IRS issued 15 percent more refunds this year than last and saw a less than on percent drop in electronic filing.
IRS processed slightly over 38 million returns by February 14. This is up over 7.5 million from the prior year. Perhaps not having last minute income tax law changes by Congress is helping to speed things up. Taxpayers and IRS both have a bit more certainty. This allows IRS to finalize forms and provide guidance earlier. Taxpayers benefit from having more time to understand their filing requirements. If only Congress had not caused the government shutdown last fall, perhaps we would be even further ahead of last year.
You can find the entire report on the IRS’ website.
Wondering where your refund is? You can check with IRS online. The site is only updated once a day, typically overnight so there is no reason to check repeatedly on a particular day.
You can check your NC refund status here.