Federal tax refunds are getting smaller - CBS 5 - KPHO

Federal tax refunds are getting smaller

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WASHINGTON (CBS5) -

Tax season is just around the corner and if you're hoping for a big refund this year, think again.

The fact is Americans are getting smaller and fewer federal tax refunds. Last year, the IRS issued fewer refunds, and the ones they did issue were smaller, averaging just over $2,900. That's 3 percent less than the previous year.

Still, the IRS said it has millions of dollars in unclaimed refunds. If there's a federal refund that you still have not received, you can check its status online by clicking this link.

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