Some American taxpayers have recently received the money the IRS handed them for their 2023 tax refund. While some are already drafting the next tax return for 2025, others are deciding how to spend their money. Without a doubt, there are important dates to celebrate, such as Thanksgiving or Christmas, as well as big shopping days like Black Friday.
The Internal Revenue Service has revealed that the average tax refund is $3,004, up from $2,977. That is a modest increase of approximately 0.9%, which is lower than the COLA for 2023, 2024, and 2025.
What is the average direct deposit for tax refunds according to the IRS?
As of October 18, the average direct deposit tax refund was $3,092. Actually, this is approximately 2.0% greater than the prior year. As a result, direct deposits have consistently increased in comparison to the average return amount.
Keep in mind that the average direct deposit refund for 2023 was $3,030. That is 62 dollars more in 2024. As a result, taxpayers benefit from a significant rise.
In addition, the IRS has indicated that the number of taxpayers would increase in 2024. The current total is 161,489,000, up from 160,071,000. So, the number of total returns received has changed by around 0.9%.
How many refunds has the IRS sent?
Even though there have been 161,489,000 returns, only 103,185,000 have received a reimbursement. This figure is down from 103,791,000. This indicates there have been fewer refunds.
Fewer Americans received refunds in 2024 than in 2023. This represents a drop of approximately 0.6%. In total, the IRS has transferred $309.929 billion. A huge sum that will be a relief to American taxpayers.
Some American taxpayers may still not have filed their 2023 tax returns. Do it before interest and penalties rise and further jeopardize your financial stability. Check to see if you still qualify for a legitimate reason for late filing, such as a natural calamity.
Also See:- November Social Security Payments – Last days to receive a check for $696 and $1,542