Many Americans have already filed their 2024 tax refund. The IRS (Internal Revenue Service) claims that those who file electronically and request direct deposit could get their tax refund within 21 days.
Obviously, this will only be possible if you file a tax return that is accurate and complete. Not doing so may delay your tax refund direct deposit because the IRS will need to review your case and that will imply delays.
When could the 1st tax refunds from the IRS be in your bank account?
If you filed your 2024 tax refund on January 27, you may receive your direct deposit in your bank account on February 17, 2025. Remember that January 27 was the 1st day the Internal Revenue Service accepted tax returns.
So, the 1st day after 21 days will be February 17, 2025. As for those taxpayers who have claimed the Earned Income Tax or the Additional Child Tax Credit, the wait times are higher.
In fact, they can expect their tax refund by March 3, 2025, said the IRS. Some may get their refunds a few days earlier though. To know how long your refund will take check the tool known as “Where’s My Refund”.
IRS unveils the average tax refund in 2025
Although it is still soon to know the average tax refund in the 2025 tax season, the IRS made an important announcement on January 31, 2025. The 2025 Filing season statistics for individual tax returns state that on average, refunds are about $1,928.
Actually, this average refund amount is 38% higher than in the previous year on February 2. Direct deposits also seem to be higher, about 34%. On average, direct deposits are $2,069 in 2025.
However, the number of tax returns included in these statistics is lower because it was later when the IRS made the announcement in the 2024 tax season. Thus, these first statistics should be taken with a pinch of salt.
