The IRS reported they received about 62.8 million tax returns and refunded $135.3 billion to taxpayers. The average tax refund is already higher than it was last year.

The Average Tax Refund Received by Americans This Year That You Are Expecting! (Photo: Yahoo Finance)

How much is the average tax refund?

So far in the 2024 tax season, the average tax refund is $3,145, an increase of just under 6% from 2023. There’s still more for an average tax refund than a month before Tax Day but there’s good reason to think the 2024 average tax refund will be larger overall.

To adjust for inflation, the IRS increased both the standard deduction and tax brackets to about 7%. That put some people into lower brackets and let taxpayers who weren’t itemizing deduct more of their taxable income.

A survey for average tax refunds in January 2024 found that more than a quarter (27%) of taxpayers expecting a refund predicted it would be larger than the one they got in 2023.

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When will I get my average tax refund?

If you filed an electronic return and enrolled in direct deposit, you should get your average tax refund within 21 days of filing as long as there are no issues with your return.

If you mailed a print return or filed an amended average tax refund, it will take at least four weeks for your average tax refund to be processed.

To check your average tax refund status, you can use the IRS’ Where’s My Refund? tool. You’ll need to input your Social Security number, filing status, and the average tax refund amount listed on your return. The site is updated overnight, so checking it once a day is plenty.

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