IRS Update: Only 1 Week Left to Claim the First $1,928 Tax Refunds of the 2025 Tax Season

As tax season progresses, many Americans have already submitted their 2024 tax returns. The Internal Revenue Service (IRS) reports that individuals who file electronically and opt for direct deposit could see their tax refunds within 21 days.

Factors Affecting the Timing of Your Refund

While the IRS aims to process refunds quickly, the accuracy and completeness of your tax return play a significant role in the timeline.

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If there are any errors or missing information, the IRS will need to review your submission, which may lead to delays in receiving your tax refund via direct deposit.

When Will the First Tax Refunds Hit Your Bank Account?

If you filed your 2024 tax return on January 27, 2025, you may see the direct deposit of your refund by February 17, 2025. This marks 21 days from the IRS’s first day of accepting tax returns on January 27.

However, it’s important to note that this date could vary depending on when you filed and the specific details of your return.

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For taxpayers who claim credits such as the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), the wait for refunds may be slightly longer.

The IRS predicts that these refunds could be processed and deposited by March 3, 2025. Some taxpayers may even receive their refunds a few days earlier.

To track the status of your tax refund, the IRS provides a useful online tool called “Where’s My Refund”.

IRS Reports on 2025 Tax Refund Statistics

IRS Tax Refunds 2025 – Expected Payment Dates And Details

While it’s early to predict the final average tax refund for the 2025 tax season, the IRS shared an important update on January 31, 2025.

According to the 2025 Filing season statistics for individual tax returns, the average refund is currently $1,928.

This marks an increase of 38% over the same period last year. Direct deposits appear to be higher as well, averaging $2,069 in 2025—a 34% increase compared to the previous year.

It’s important to consider that the number of returns included in these initial statistics is smaller because the announcement was made later than usual. Therefore, these early statistics should be viewed with some caution.

While the timing of your 2024 tax refund depends on when you filed and whether your return is free of errors, many taxpayers can expect to see refunds within 21 days if they file electronically with direct deposit.

The IRS’s 2025 tax season data suggests an increase in both refund amounts and direct deposit figures, although these statistics are still early and subject to change. Always ensure your tax return is accurate to avoid any delays in receiving your refund.

FAQs

How soon will I receive my 2024 tax refund?

If you file electronically and select direct deposit, you may receive your refund within 21 days, provided your tax return is accurate and complete.

When can I expect my refund if I claimed the Earned Income Tax Credit (EITC)?

If you claimed the EITC or Additional Child Tax Credit (ACTC), your refund may take longer. The IRS expects these refunds to be issued by March 3, 2025, although some people may receive them a few days earlier.

Can I track the status of my tax refund?

Yes, you can track the status of your refund using the IRS tool “Where’s My Refund”.