Average tax refund in the US hovers around $3,000: when will yours arrive?
Tax season has come to an end, but millions are still waiting for their refunds as the IRS announces that the average has surpassed $3,000.
Early this week, the US Internal Revenue Service reported that the average refund distributed this tax season was $2,948, a 3.8 percent increase over those paid by the tax authority in 2023. As more filers submitted their returns, this amount fell slightly, with the average clocking in at above $3,000 as of late March.
Federal tax returns for 2023 were due on Monday, 15 April, and as of 12 April, the IRS had received 119,592,000 returns and processed 118,114,000. These figures are slightly above the numbers recorded by the tax authority on 14 April 2023. In a few weeks, we will be able to see if the total number of returns received exceeds the number submitted to the IRS last year.
Comparing 2023 and 2024 refund sizes
The IRS provides two data points on refund size. The first considers all refunds, while the other only includes those that were distributed via direct deposit.
Just before the tax filing deadline, those receiving a refund were sent checks worth $2,948. However, when looking only at refunds sent through direct deposit, the average check is $3,031, compared to $$2,902
Tracking your refund
Are you curious about when you will receive your tax refund? The IRS has said that those who file electronically and provide direct deposit information should receive their return within twenty-one days of filing (so long as there are no errors in the return). To track the status of your refund, you can use the “Where’s My Refund” tool. To use the tool, you will be asked to provide your Social Security Number, the amount that you will see returned, and your tax filing status.
To use the tool, you will be asked to provide your Social Security Number, the amount that you will see returned, and your tax filing status. The tracker should be updated within 24 hours for those who submitted their return electronically. Those who have opted to submit a paper return will have to wait a month before their status is updated.