With tax season entering its final two weeks, the average direct deposit refund amount has reached $3,152, up 5.4% on the same period in 2023.
This amount has remained steady at just over $3,000 for the past six weeks after a slow start to the year, when refunds were averaging well below $2,000, 25% smaller than at the same point in the previous tax season.
Meanwhile, the IRS processed more than 79 million returns through March 22, down slightly on last year by -1.4%, due in large part to the lower number of actual filing days this tax season (61 versus 54).
Individual income tax returns, meanwhile, continue to come in at a slightly slower rate than last year at -0.3% (80,683,000 in 2023 versus 80,470,000 in 2024), again due to the lower number of actual filing days.
Scroll through to see the cumulative statistics for the filing season through the week ending March 22, 2024.
Source:
