Data released by the IRS last week shows the average refund in 2025 is down nearly 33% compared to the same time frame in 2024.
Tax returns are averaging $2,169, a significant decline from the 2024 average of $3,207. The total number of refunds distributed and the averages for the number of direct deposits and direct deposit refund totals are also down more than 30%.
The IRS has issued roughly 13.6 million refunds so far this year, down from 20.8 million issued by this time last year.
Those numbers are expected to balance out when the next data set is released later this week as a certain demographic of taxpayers will soon be able to receive their refund.
Taxpayers who filed and claimed the earned income tax credit (EITC) or the additional child tax credit (ACTC) cannot receive their tax refunds until mid-February. Learn more.