IRS Issues 3.2 Million Tax Refunds This Year: Here’s the Average Payment

As the 2024 tax season begins, the IRS has already processed approximately 3.2 million refunds as of January 31, according to their latest report.

These refunds are for current-year tax returns filed, and the average refund issued so far is $1,928.

IRS Refund Expectations for 2024

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While the IRS has already processed a substantial number of refunds, they anticipate receiving more than 140 million individual tax returns by the filing deadline on April 15. As a result, the average refund may fluctuate throughout the remainder of the tax season.

Typically, individuals receive a tax refund when they have overpaid taxes through payroll withholdings or estimated payments over the course of the year. However, refund amounts can vary depending on multiple factors, including your filing status and deductions.

Average Refund for the 2024 Season

As of December 27, the average refund for the 2024 tax season was reported at $3,138. This figure is about 1% lower than the average refund from the previous year (2023), as stated by the IRS.

Check Your Refund Status

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If you’re wondering when your tax refund will arrive, the IRS offers tools to help you stay updated. You can check the status of your refund for the 2025 season using the “Where’s My Refund?” tool or the IRS2Go app.

How to Receive a Faster Tax Refund

For those eager to get their refunds as quickly as possible, the IRS recommends filing electronically and opting for direct deposit.

According to Danny Werfel, former IRS Commissioner, this method is the most efficient way to speed up the refund process.

IRS Tax Refunds 2025 – Expected Payment Dates And Details

Generally, most refunds are issued in less than 21 days, but several factors may influence the timing, including errors in the return or discrepancies in the information provided.

Timing of Refunds with Earned Income Tax Credit (EITC) and Child Tax Credit (CTC)

It’s important to note that if you are claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS is legally prohibited from issuing these refunds before mid-February. These refunds should arrive by March 3, provided there are no issues with your tax return.

The 2024 tax season is underway, and the IRS has already processed millions of refunds. While the average refund has slightly decreased compared to last year, taxpayers can expect to receive their refunds relatively quickly by filing electronically and using direct deposit.

Be mindful of the additional timeline for those claiming the EITC or ACTC, as these refunds may take longer to process. Be sure to check your refund status via the IRS tools and enjoy a smooth filing experience this season.

FAQs

What is the average tax refund for 2024?

The average tax refund as of January 31, 2024, was reported to be $1,928.

How can I check the status of my refund?

You can use the “Where’s My Refund?” tool or the IRS2Go app to track the status of your refund.

How long does it take to get my refund?

Most refunds are processed within 21 days. However, various factors such as errors in your tax return can affect the processing time.