For millions of Americans, tax season is a significant financial event that affects both their long-term financial planning and annual budgets. In addition to being required by law, filing a tax return gives you the chance to modify withholdings, claim deductions, and optimize possible refunds. This process is overseen by the Internal Revenue Service (IRS), which also makes sure that tax laws are followed and helps individuals who are eligible to get refunds.
Given the growing cost of living, receiving a tax refund can be a huge financial relief. Depending on the tax credits and deductions used, some persons may receive sizable refunds from the tax deducted from their salaries during the year, while others may need to make further payments. The IRS offers resources and specialist support to help people comprehend their circumstances and properly submit 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?
In 2025, tax refunds have increased little over the prior year. As of March 14, the average refund received through direct transfer was $3,330, up 4.8% from 2024, according to IRS data. Overall, the average refund for the season is $3,271, reflecting an increase of 5.2%. However, the amount varies according to income, deductions and tax credits applied in each case.
A large percentage of refunds, approximately $160.919 billion, have been sent via direct deposit, which is an increase of 6.8% compared to last year. This shows a growing preference for electronic refunds, due to their speed and security.
Although the number of returns filed has decreased, this has not impacted the amounts taxpayers are getting. The most notable change is the way people are managing their taxes, with greater use of digital platforms and tax preparation software instead of resorting to direct assistance from the IRS.
Estimated dates of the IRS Refund deposit
Processing time for refunds is dependent on a number of variables. In 21 days or less, taxpayers who fulfill the following requirements can get their refund:
- 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.