Some American taxpayers just got the money from the IRS that they were owed for their 2023 tax return. For some, the 2025 tax return is already being made, and for others, the check is being spent.
There are, without a doubt, important holidays to celebrate, like Christmas or Thanksgiving, and shopping days like Black Friday.
Based on confirmation from the IRS, the average tax refund is now $3,004, up from $2,977. That’s not much of an increase—a 0.9% boost—and it’s even less than the COLA for 2023, 2024, or 2025.
What is the average direct deposit for tax refunds according to the IRS?
The average amount of a direct deposit tax refund as of October 18 is $3,092. In fact, this is about 2% more than it was the year before. When you compare this to the average refund amount, you can see that direct deposits keep going up.
Remember that the normal direct deposit refund in 2023 was $3,030. In 2024, that costs 62 dollars more. Because of this, there is a big increase that is good for taxpayers.
The IRS has also confirmed that there will be more taxpayers in 2024. The number has gone up from 160,071,000 to 161,489,000. Because of this, it looks like the total number of returns has changed by about 0.9%.
How many refunds has the IRS sent?
Only 103,185,000 refunds have been sent out, even though 161,489,000 items have been sent back. It used to be 103,791,000. In other words, it means there have been less refunds.
People in the US have gotten fewer refunds in 2024 than in 2023. That is about 0.6% less than before. The IRS has sent $309.929 billion all together. A huge amount that will be good for American taxpayers.
There are still people in the US who may not have filed their 2023 tax return. Do it now, before the penalties and interest rates go up and make your finances even less stable. Check to see if you can still get a good reason for filing late, like a natural disaster.
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