Despite all the hand-wringing about lower tax refunds for early filers, Morgan Stanley says refunds are slightly up from last year.
By Feb. 14, the total amount of U.S. tax refunds was slightly higher than the same point last year, according to the bank's economists, who track refunds daily using Treasury Department data.
"The latest Treasury data we have received covering refunds through February 14 actually brought the cumulative refund amount slightly above where it was by this date last year."
One week of tax data can make a big difference in February, because only a small share of refunds are issued this early.
So all we can say at this point is that it isn't clear yet whether refunds will rise or decline, especially because delayed tax refunds will affect the numbers in coming weeks.
Families who claim either of those credits often file early in the tax season, because they spend refunds on short-term necessities such as groceries and overdue bills.
So in a way, Washington did lead to the lower amount of tax refunds early this month.
https://www.barrons.com/articles/tax-refunds-are-up-after-all-for-now-51550660400?mod=hp_DAY_8
By Feb. 14, the total amount of U.S. tax refunds was slightly higher than the same point last year, according to the bank's economists, who track refunds daily using Treasury Department data.
"The latest Treasury data we have received covering refunds through February 14 actually brought the cumulative refund amount slightly above where it was by this date last year."
One week of tax data can make a big difference in February, because only a small share of refunds are issued this early.
So all we can say at this point is that it isn't clear yet whether refunds will rise or decline, especially because delayed tax refunds will affect the numbers in coming weeks.
Families who claim either of those credits often file early in the tax season, because they spend refunds on short-term necessities such as groceries and overdue bills.
So in a way, Washington did lead to the lower amount of tax refunds early this month.
https://www.barrons.com/articles/tax-refunds-are-up-after-all-for-now-51550660400?mod=hp_DAY_8
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