The first tax filing season under the Tax Cuts and Jobs Act is over and the final tax refund numbers are out! The IRS released the data showing that while more Americans received tax refunds this year, the amount of those refunds was smaller. There was almost a $4 billion decline in the number of tax refunds the IRS issued this year.

The average tax refund this year was $2,725, which is down about $55 from last year. According to the data released by the IRS, there was a 0.3 increase in the total of tax refunds. There was just a .2% increase in the number of tax returns filed and processed on time this year.

The change in tax refunds could be attributed to the 2017 tax reform. The Tax Cuts and Jobs Act eliminated or limited the amount of several tax deductions and tax credits which help cut down on taxes owed or increased tax refunds. For instance, taxpayers can’t write off more than $10,000 in state and local taxes on their federal taxes. The tax overhaul also eliminated the personal and dependent exemption. With the many changes, the IRS urged taxpayers to check their withholdings and make sure it was accurate as the changes could affect the amount of taxes they owed when they file.

Despite the data from the IRS, it is not known how many taxpayers received a smaller refund this year compared to last year and if the drop in refunds were due to the tax reform or a change in their personal finances. These numbers do not include taxpayers who filed an extension or who did not file on time. Taxpayers have up to three years to file their tax return and still receive their refund.