With 40 percent of returns received, refunds stay higher

The IRS through March 1 has received more than 56 million individual income tax returns, down about 3.2 percent from the same time a year ago.

About 150 million returns are expected for the filing season, which runs through April 15.

Refunds are averaging $3,068, compared to $3,046 at this time last year.

Some 46.4 million refunds have been issued, compared to 48.45 million a year ago.

So far this tax-filing season, $142.395 billion has been refunded, versus $147.577 billion last year at this time.

Four out of five taxpayers are estimated to have a lower tax liability this year because of the new tax law that went into effect last year. About 5 percent of taxpayers are forecast to pay more.

Those who received a smaller refund or owed money likely did not adjust the withholdings on their paychecks. Also, the tax savings may have been gained throughout the year with slightly higher paychecks.

By most measures, according to the Associated Press, the majority of Americans will see a reduction in taxes overall. The nonpartisan Tax Policy Center projected the tax law would reduce individual income taxes by about $1,260 on average, although it benefits higher earners more.