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VOL. 127 | NO. 58 | Friday, March 23, 2012

Average IRS Refund This Year About $3K, Chief Says

AP

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WASHINGTON (AP) – That nice Internal Revenue Service refund check many families eagerly await this time of year is down slightly from 2011 but still not too shabby: an average of about $3,000.

Through March 10, the IRS has issued 59.2 million refund checks totaling $174.4 billion, agency chief Douglas H. Shulman told a House subcommittee Thursday. That compares to 59 million refunds totaling $178.3 billion a year ago.

Based on those figures, this year's checks average $2,946, down marginally from last year's $3,022.

An IRS spokesman said the agency isn't certain why the figure has dipped. He noted that the widely used Making Work Pay tax credit created by the 2009 economic stimulus law had expired and another credit for first-time homebuyers has been restricted.

Shulman told the House Ways and Means Committee oversight subcommittee that through March 10, the IRS has processed almost 71 million individual returns, a small increase.

Nearly 26 million filers prepared their own electronic returns, an 11 percent jump from 2011.

The agency has directly deposited 51 million refunds to taxpayers, up 3 percent.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 415 10,637
MORTGAGES 87 499 13,826
FORECLOSURE NOTICES 19 99 2,743
BUILDING PERMITS 0 915 25,222
BANKRUPTCIES 79 343 10,235
BUSINESS LICENSES 19 97 3,833
UTILITY CONNECTIONS 143 573 15,130
MARRIAGE LICENSES 23 106 3,273

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