Here’s Why IRS Tax Refunds Are 6 Percent Bigger So Far This Year

Published on March 27, 2024

The latest data from the Internal Revenue Service (IRS) show that the average tax refund amount this tax season is 6 percent higher than last year’s, with experts pointing to several likely factors, including a higher standard deduction and adjustments for inflation. In its latest tax-filing season update, with data current as of March 15, 2024, the IRS has revealed that the average refund amount this year is $3,109. That’s exactly 6.0 percent greater than the $2,933 refund amount clocked at roughly the same point in the 2023 filing season. This represents a trend reversal in terms of refund size. In mid-February, the agency said the average refund was nearly 30 percent lower than the same time a year ago, though the reason the IRS gave was because the tax-filing season this year started a week later....

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