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IRS Issues 20 Million Tax Refunds with Average Amount of $3,207

Refunds are up 2.1% from last year, with electronic filers receiving payments within 21 days.

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IRS Commissioner Danny Werfel said the tax refund check is often the biggest single check that many people see all year.

Overview

  • The IRS has issued about 20 million tax refunds as of February 16, 2024, with an average refund amount of $3,207.
  • Taxpayers can expect their refunds within 21 days of filing electronically, but paper filings may take longer.
  • The average tax refund amount has increased by 2.1% compared to the same period last year.
  • Taxpayers can track their refund status using the IRS's online 'Where's My Refund' tool.
  • The increase in refund amounts is attributed to adjustments for inflation, which have pushed standard deductions and tax brackets higher.