AMERICANS who meet certain requirements will receive $3,330 direct deposit payments.
The amount is reportedly greater than it was during the 2024 tax season.
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According to the IRS, over 70,000,000 Americans have filed for their tax returns this year.
This represents a significantly lower figure than last year.
About 1.7% more people filed their returns for the 2024 tax year, according to an IRS report.
The IRS has distributed refunds totaling $162.992 billion thus far.
CHANGES SINCE 2024
This year, tax refunds are 6.7% higher year over year.
The total amount refunded in 2024 was $152.767 billion.
Additionally, the total amount of direct deposit refunds is 6.8% higher than it was last year.
Individuals receiving refunds through direct deposit can expect an average payment of $3,330.
This reflects a 4.8% increase from the previous year, when the average refund was $3,177.
The amount refunded this year surpasses the refunds issued during the 2024 tax season.
As inflation drives up costs, the larger tax returns will likely offer some financial relief to taxpayers.
The most significant change since 2024, however, is the declining number of visitors to the IRS website.
E-filing returns from tax professionals dropped 1.2%, while self-prepared returns dropped as much as 2%.
This indicates that more people are using third parties to file their taxes than are filing them independently through IRS.gov.
In terms of total web activity, visits to the IRS website dropped by a staggering 44.6% between March 15, 2024 and March 14, 2025.
HOW TO QUALIFY
Refunds are processed faster for taxpayers who file electronically and opt for direct deposit.
If you satisfy both of these requirements, you should receive your tax refund within 21 days.
If you submitted your tax return on March 3, 2025, your direct deposit should appear in your bank account by March 24.
For those who filed on March 7, the deposit will be available by March 28.
Returns filed on March 9, 2025, will be processed and deposited by March 30.
The refund amount you receive depends on multiple factors.
Before you receive your refund, your income, eligible tax credits, and withholdings are evaluated.
Families with children may also benefit from the Child Tax Credit, which can further affect the final refund total.
