For millions of Americans, tax season is a significant financial event that influences both long-term financial planning and annual budgets. In addition to being required by law, filing a tax return allows you to adjust withholdings, claim deductions, and maximize potential refunds.
This process is overseen by the Internal Revenue Service (IRS), which also ensures that tax laws are followed and assists individuals who are eligible for refunds.
Given the rising cost of living, receiving a tax refund can provide significant financial relief. Depending on the tax credits and deductions used, some people may receive significant refunds for the taxes deducted from their salaries during the year, while others may be required to make additional payments.
The IRS provides resources and specialized assistance to help people understand their situation and properly file their taxes.
Over 70 million tax returns have been processed by the IRS as of March 14, 2025. This number, however, is 1.7% less than it was during the same time frame in 2024. The overall amount of refunds has grown despite fewer returns being filed, giving many citizens the crucial financial support they need in the current economic climate.
What is the amount that taxpayers will receive this year?
Tax refunds increased slightly in 2025 compared to the previous year. According to IRS data, the average direct transfer refund was $3,330 on March 14, up 4.8% from 2024.
Overall, the average refund for the season is $3,271, up 5.2%. However, the amount varies depending on the income, deductions, and tax credits applied in each case.
A large percentage of refunds, approximately $160.919 billion, were sent via direct deposit, representing a 6.8% increase over last year. This indicates an increasing preference for electronic refunds due to their speed and security.
Although the number of returns filed has decreased, taxpayers continue to receive the same amounts. The most notable change is in how people manage their taxes, with a greater use of digital platforms and tax preparation software rather than direct assistance from the IRS.
Estimated dates of the IRS Refund deposit
A variety of factors influence the time it takes to process refunds. Taxpayers who meet the following requirements can receive a refund in 21 days or less:
- Save in an electronic format.
- Request a refund of your direct deposit.
- Send in a thorough, error-free return.
The processing period can be prolonged if the IRS requests more confirmations. Taxpayers can use the IRS website’s “Where’s My Refund?” function to see the precise status of their return.
The following is the projected schedule for direct deposits:
Filing date → Estimated deposit date
- March 3 → March 24
- March 4 → March 25
- March 5 → March 26
- March 6 → March 27
- March 7 → March 28
- March 8 → March 29
- March 9 → March 30
- March 10 → March 31
- March 11 → April 1
- March 12 → April 2
- March 13 → April 3
- March 14 → April 4
- March 15 → April 5
- March 16 → April 6
- March 17 → April 7
- March 18 → April 8
- March 19 → April 9
- March 20 → April 10
For those who have not yet filed their return, choosing to file electronically with direct deposit is still the fastest way to get a refund.
As the tax return deadline approaches, it is advisable to carefully review the information submitted to avoid errors that could delay payments. Filing on time and accurately is key to avoiding unnecessary complications in the refund process.
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