The IRS delivered certain American citizens their 2023 tax refund, and they recently received it. Some are already planning their 2025 tax return, while others are making financial decisions. There are unquestionably significant occasions to commemorate, like Christmas or Thanksgiving, as well as major retail days, like Black Friday.
According to data from the Internal Revenue Service, the average tax refund has increased from $2,977 to $3,004. That is less than the COLA for 2023, 2024, and 2025, and represents a moderate gain of about 0.9%.
What is the average direct deposit for tax refunds according to the IRS?
The average direct deposit tax refund as of October 18 was $3,092. In actuality, this is about 2.0% higher than the previous year. Consequently, direct deposits have continuously risen relative to the average return.
Remember that the average refund from a direct deposit in 2023 was $3,030. In 2024, that is 62 dollars more. Consequently, taxpayers gain a substantial increase.
Furthermore, the IRS has predicted that there will be more taxpayers in 2024. The sum has increased from 160,071,000 to 161,489,000. Thus, there has been a shift of about 0.9% in the overall number of returns received.
How many refunds has the IRS sent?
161,489,000 refunds have been made, however only 103,185,000 have been reimbursed. This number is less than 103,791,000. This suggests that refunds have decreased.
In 2024, fewer Americans were refunded than in 2023. This indicates a decline of roughly 0.6%. The IRS has transferred $309.929 billion in total. 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.
Note: Thank you for visiting our website! We strive to keep you informed with the latest updates based on expected timelines, although please note that we are not affiliated with any official bodies. Our team is committed to ensuring accuracy and transparency in our reporting, verifying all information before publication. We aim to bring you reliable news, and if you have any questions or concerns about our content, feel free to reach out to us via email. We appreciate your trust and support!
ChiefsFocus is a dedicated news writer with extensive experience in covering news across the United States. With a passion for storytelling and a commitment to journalistic integrity, ChiefsFocus delivers accurate and engaging content that informs and resonates with readers, keeping them updated on the latest developments nationwide.