Some American taxpayers have just received the money the IRS sent them for their 2023 tax refund. While some are already preparing the next tax return in 2025, others are deciding on what to spend their check. No doubt, there are important events to celebrate such as Thanksgiving or Christmas, or big days for a shopping spree like Black Friday.
The Internal Revenue Service has confirmed that the average tax refund amount is $3,004, up from $2,977. That is a minor increase, a boost of about 0.9% which is even lower than COLA for 2023, 2024, or 2025.
What is the average direct deposit for tax refunds according to the IRS?
As of October 18, the average direct deposit tax refund amount is $3,092. Actually, this is about 2.0% higher than in the previous year. So, direct deposits keep increasing steadily if compared to the average refund amount.
Bear in mind that the average direct deposit refund in 2023 was $3,030. That is 62 dollars higher in 2024. Therefore, there is an important increase which is beneficial for taxpayers.
The IRS has also confirmed an increase in the number of taxpayers in 2024. The current number is 161,489,000, up from 160,071,000. So, that implies there has been a change of about 0.9% in the number of total returns received.
How many refunds has the IRS sent?
Even if there have been 161,489,000 returns, only 103,185,000 have been sent a refund. This number is down from 103,791,000. Thus it means there have been fewer refunds.
Fewer Americans have received a refund in 2024 than in 2023. That is a decrease of about 0.6%. In total, the IRS has sent $309.929 billion. A whopping amount that will be a relief for American taxpayers.
Some American taxpayers may still have not filed their 2023 tax return. Do so before the interest and penalties increase and affect even more your financial stability. Check if you still qualify for a good cause for late filing, like a natural disaster.
