Americans Waking Up to $2,600 Deposits on Tax Day—Are You One of Them?

Today is Tax Day in the United States, and many Americans have already received their refunds, with the IRS having issued over a billion dollars in total.

More than 70 million taxpayers have filed their returns so far, though IRS data shows a slight 1.7% decline compared to last year.

Despite that dip in filings, refund numbers are up — the IRS has distributed an impressive $162.992 billion in refunds this year, a 6.7% increase from 2024.

The average refund amount is now $2,600, which marks a 4.8% rise from the previous year.

A major portion of these refunds — around $160.919 billion — has been sent via direct deposit, a method that continues to grow in popularity with the rise of digital banking.

These refunds come at a time when many Americans are grappling with economic uncertainty and a rising cost of living, much of it exacerbated by the lingering effects of Trump’s trade war.

For those who haven’t filed their taxes yet, the IRS recommends using electronic filing and opting for direct deposit to get refunds faster. If all information is correct, refunds are generally issued within 21 days.

The IRS has also shared an estimated refund timeline based on filing dates:

• Filed on March 10 → Refund by March 31
• Filed on March 11 → Refund by April 1
• Filed on March 12 → Refund by April 2
• Filed on March 13 → Refund by April 3
• Filed on March 14 → Refund by April 4
• Filed on March 15 → Refund by April 5
• Filed on March 16 → Refund by April 6
• Filed on March 17 → Refund by April 7
• Filed on March 18 → Refund by April 8
• Filed on March 19 → Refund by April 9
• Filed on March 20 → Refund by April 10
• Filed on March 21 → Refund by April 11
• Filed on March 22 → Refund by April 12
• Filed on March 23 → Refund by April 13
• Filed on March 24 → Refund by April 14
• Filed on March 25 → Refund by April 15

If you miss the April 15 deadline, don’t panic. However, be aware that you may incur a failure-to-pay penalty — typically 0.5% of your unpaid taxes for each month you’re late, up to a maximum of 25%.

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