Average IRS tax refund is up 10.9%, latest filing data shows
Phelings Media | Istock | Getty Images
The average tax refund so far this season is 10.9% higher than it was for about the same period in 2025, according to the latest IRS filing data.
As of March 20, average refund amount For individual filers, that figure rose to $3,571, up from $3,221 roughly a year ago, the IRS reported Friday.
IRS data reflects individual returns received by about 79 million of the approximately 164 million returns expected through April 15.
How might average tax refunds change?
William McBride, chief economist at the Tax Foundation, told CNBC that after several weeks of average refund data, “we’re becoming less likely to see a big change” before the April 15 tax deadline.
But the average could still rise as taxpayers demand taxes. He said there would be a larger deduction for state and local taxes, known as SALT. Trump’s legislation increased the SALT limit from $10,000 to $40,000 for 2025.
“This is a pretty big deal for high-income people who live in expensive cities,” McBride said. “These people don’t tend to file [tax returns] early.”
Although many tax forms are due by the end of January, high-income investors may wait longer for forms detailing brokerage account holdings or business income, experts say.
However, to take advantage of the more generous SALT cap for 2025, you must itemize tax deductions rather than claim the standard deduction.
Almost through the 2022 tax year. 90% of returns He used the standard deduction based on the most recent IRS data. That same year, nearly 15 million returns claimed the SALT deduction; this accounted for less than 10% of applications.
Experts say there may be more listers due to the SALT cutoff change for 2025 returns.
