2020 Tax Tracker, Week 2: Tax Filings Narrow the Gap with Last Year, Refunds Still Down

What's Inside

Each year, the IRS reports tax return filings and refunds on a weekly basis, starting from the end of January until the April 15 deadline. In this report, we look at what happened in the first week of the 2020 tax filing season.

• The IRS is processing returns more quickly, although returns are also coming in more slowly
• Average refunds are slightly higher than last year
• The prospects for refunds to stimulate consumer spending look weak: The majority of recipients plan to either save the money or use it to pay down debt