IRS Issues 20 Million Tax Refunds with Average Amount of $3,207

Refunds are up 2.1% from last year, with electronic filers receiving payments within 21 days.

The IRS has issued about 20 million tax refunds as of February 16, 2024, with an average refund amount of $3,207.
Taxpayers can expect their refunds within 21 days of filing electronically, but paper filings may take longer.
The average tax refund amount has increased by 2.1% compared to the same period last year.
Taxpayers can track their refund status using the IRS's online 'Where's My Refund' tool.
The increase in refund amounts is attributed to adjustments for inflation, which have pushed standard deductions and tax brackets higher.