Average Tax Refunds Exceed 10% Growth This Filing Season
J.P. Morgan Asset Management chief global strategist David Kelly dissects what is hard to get out of the market and more on Making Money.
Americans are seeing an increase in their tax refunds for the 2026 filing season compared to last year. However, the pace of tax filings has slowed in the initial weeks of this season.
According to the latest IRS tax filing data released on February 6, the average tax refund amount stands at $2,290. This marks a notable increase of 10.9% compared to the average refund of $2,065 at the same point in the 2025 tax filing season.
As of February 6, over 7.4 million refunds have been issued, which is an 8.1% decrease from nearly 8.1 million refunds disbursed during the same timeframe last year.
HERE’S WHEN TAXPAYERS WILL GET THEIR REFUNDS
Average tax refunds paid to Americans are up over 10% so far this filing season, the IRS reported. (Michael Bocchieri/Getty Images)
Despite the decline in the number of refunds issued, the total amount refunded has increased by 1.9%, rising from nearly $16.7 billion to almost $17 billion. This increase has contributed to the larger average refund.
The IRS data also indicates that the average direct deposit refund has similarly risen, now averaging $2,388—up 10.3% from last year’s $2,165 at this time.
While refunds are on the rise this season compared to last year, the number of tax returns received and processed has decreased. The IRS reported that it has received nearly 22.4 million returns as of February 6, a 5.2% drop from the almost 23.6 million returns received at the same point last year.
TAX FILING SEASON IS OFFICIALLY HERE: WHAT YOU NEED TO KNOW
The IRS reported Americans are filing tax returns at a slower pace so far this filing season. (J. David Ake/Getty Images)
For taxpayers looking to check the status of their refunds, the IRS provides an online “Where’s my refund?” tool. Generally, processing a tax refund takes up to 21 days for e-filed returns, while mailed returns can take six weeks or longer. Delays may occur if the return requires corrections or additional review.
BESSENT EXPECTS TAXPAYERS WILL SEE ‘VERY LARGE’ TAX REFUNDS EARLY NEXT YEAR
Treasury Secretary Scott Bessent has said taxpayers will receive large refunds this filing season. (Nathan Posner/Anadolu via Getty Images)
Taxpayers preparing to file their returns should consider setting up direct deposit with the IRS to expedite their refund process. Those who e-file can typically check their refund status within 24 hours using the “Where’s my refund?” tool, which provides information for the current year as well as the past two years.
If a taxpayer needs to amend their return after filing, it may take longer to receive their refund. Amended returns can take up to three weeks to appear in the IRS system and up to 16 weeks to process.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The IRS also provides a “Where’s my amended return?” tool for taxpayers who have submitted an amended return and wish to track its status along with any related refund.
J.P. Morgan Asset Management chief global strategist David Kelly dissects what is hard to get out of the market and more on Making Money.
Americans are seeing an increase in their tax refunds for the 2026 filing season compared to last year. However, the pace of tax filings has slowed in the initial weeks of this season.
According to the latest IRS tax filing data released on February 6, the average tax refund amount stands at $2,290. This marks a notable increase of 10.9% compared to the average refund of $2,065 at the same point in the 2025 tax filing season.
As of February 6, over 7.4 million refunds have been issued, which is an 8.1% decrease from nearly 8.1 million refunds disbursed during the same timeframe last year.
HERE’S WHEN TAXPAYERS WILL GET THEIR REFUNDS
Average tax refunds paid to Americans are up over 10% so far this filing season, the IRS reported. (Michael Bocchieri/Getty Images)
Despite the decline in the number of refunds issued, the total amount refunded has increased by 1.9%, rising from nearly $16.7 billion to almost $17 billion. This increase has contributed to the larger average refund.
The IRS data also indicates that the average direct deposit refund has similarly risen, now averaging $2,388—up 10.3% from last year’s $2,165 at this time.
While refunds are on the rise this season compared to last year, the number of tax returns received and processed has decreased. The IRS reported that it has received nearly 22.4 million returns as of February 6, a 5.2% drop from the almost 23.6 million returns received at the same point last year.
TAX FILING SEASON IS OFFICIALLY HERE: WHAT YOU NEED TO KNOW
The IRS reported Americans are filing tax returns at a slower pace so far this filing season. (J. David Ake/Getty Images)
For taxpayers looking to check the status of their refunds, the IRS provides an online “Where’s my refund?” tool. Generally, processing a tax refund takes up to 21 days for e-filed returns, while mailed returns can take six weeks or longer. Delays may occur if the return requires corrections or additional review.
BESSENT EXPECTS TAXPAYERS WILL SEE ‘VERY LARGE’ TAX REFUNDS EARLY NEXT YEAR
Treasury Secretary Scott Bessent has said taxpayers will receive large refunds this filing season. (Nathan Posner/Anadolu via Getty Images)
Taxpayers preparing to file their returns should consider setting up direct deposit with the IRS to expedite their refund process. Those who e-file can typically check their refund status within 24 hours using the “Where’s my refund?” tool, which provides information for the current year as well as the past two years.
If a taxpayer needs to amend their return after filing, it may take longer to receive their refund. Amended returns can take up to three weeks to appear in the IRS system and up to 16 weeks to process.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The IRS also provides a “Where’s my amended return?” tool for taxpayers who have submitted an amended return and wish to track its status along with any related refund.
