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2h ago

Average Tax Refund Rises 14.2% to $2,476 in Latest IRS Data

PATH Act holds on key credits usually push the average higher later in February.

Tax filers saw $172.26 billion in federal income tax refunds head their way through March 24. While that's a great deal of money, the total dollar amount is down $16.4 billion or down 8.7% from a year ago. Tax refunds
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Overview

  • As of Feb. 13, the IRS reports an average refund of $2,476, up 14.2% from about the same period last year.
  • Total refunds issued have reached roughly $32 billion, up 8.3% year over year, while total filings are down 2.6%.
  • The IRS says refunds that include the Earned Income Tax Credit or Additional Child Tax Credit are held until mid‑February, and it expects higher averages in the Feb. 27 update covering processing through Feb. 20.
  • Analysts at Bank of America and Piper Sandler estimate recent tax-law changes could lift refunds by about $1,000 on average, though outcomes vary by filer.
  • The agency urges e‑file with direct deposit as the fastest option, noting most error‑free returns are paid in under 21 days and that paper checks are being phased out.