💰The average tax refund this year is around $3000, up from just over $2800 in 2023.
📈New tax brackets have resulted in higher standard deductions and higher limits to 401k contributions.
📉The number of tax refunds processed this year is down from last year, indicating fewer people are receiving refunds.
🧾The IRS expects two out of every three filers to receive a tax refund this year.
💼People who are receiving tax refunds this year are generally getting more money.
Why are tax refunds bigger this year?
—Tax refunds are bigger this year due to new tax brackets that have increased the standard deduction and limits to 401k contributions.
What is the average tax refund this year?
—The average tax refund this year is around $3000, up from just over $2800 in 2023.
Are fewer people receiving tax refunds this year?
—Yes, the number of tax refunds processed this year is down from last year, indicating fewer people are receiving refunds.
How many filers are expected to receive a tax refund?
—The IRS expects two out of every three filers to receive a tax refund this year.
Are tax refunds generally increasing?
—Yes, people who are receiving tax refunds this year are generally getting more money.
00:03A lot of folks are waking up to see their tax refunds hitting their bank accounts.
00:13This year, the average tax refund is more but fewer people are getting them.
00:22The most recent numbers show a little more than 65 million tax refunds have been processed as of the beginning of this month.
00:29That's down a few million from last year, which means fewer people are getting money back from the government.
00:34People who are getting their refunds are usually getting more money.
00:38The average refund this year is around $3000 up from just over $2800 in 2023.
00:46Experts say these refunds are bigger because of new tax brackets which have a higher standard deduction and higher limits to 401k.
01:02The IRS expects two out of every three filers to get a refund.
