Tax refunds are down 17 percent compared with last year, nearly $550, according to the IRS.

In the last tax cycle, the average refund by Feb. 16 — the halfway mark of the tax season — was $3,256. This year, the average refund stands at $2,703. The total number of people who were eligible for tax returns also decreased, by 26.5 percent from one tax year to the next.