Here’s the Average Tax Refund in 2024 (So Far)

The total amount of money flowing into American wallets from federal tax refunds is down sharply compared to February 2023, according to the latest figures from the IRS.

However, the average refund amount is higher.

So far in 2024, federal tax refunds amount to about $67 billion, a 23% decrease from the $87 billion refunded at the same point last year.

The size of the average refund has risen year over year. It stands at $3,207, up about 2% from the average refund of $3,140 at this point in 2023.

So, what’s going on here? The difference in the direction of total refunds and average refunds actually has a simple explanation: Last year, the tax season started about a week earlier than it did this year. As the IRS says in a news release:

“Considering the loss of 7 days in this comparison, filing season statistics below continue to show a strong start to Filing Season 2024, with all systems running well.”

In other words, on balance, things look good for taxpayers this year.

Also, so far this tax season:

• 34.7 million returns have been received by the IRS (down 5.7% from the same time last year)
• 34.5 returns have been processed (down 6%)
• 20.9 million refunds have been issued (down 24.8%)

For its latest update, the IRS compared data from two points in time — Feb. 17, 2023, and Feb. 16, 2024.

Regardless of the size of your tax refund, there is a lot you can do to use the money to improve your life. For tips on what you should and should not do with your refund, check out: