Americans who meet specific requirements set by the IRS might be in for a payday. An individual who falls under the category will receive a $3,330 direct deposit. The amount is reportedly higher compared to the 2024 tax season.
The IRS revealed that more than 70,000,000 people have filed for tax returns this year. The figure revealed on March 14, 2025, is still significantly less than how many people filed for tax returns last year.
A report revealed that 1.7% more people filed for tax returns in 2024. The IRS has refunded $162.992 to citizens to date. The taxes refunded this year are 6.7% up by last year on March 15, 2024. Notably, out of the total amount refunded to date, $160.919 has been refunded through direct deposit, which is 6.8% higher than last year.
The average refund amount that an individual will get through direct deposit is $3,330. The figure is higher than what was refunded in 2024. The refund is 4.8% higher than last year. The higher tax returns will surely help citizens help in a way given the rising inflation and skyrocketing prices.
The IRS’s Direct File program is an “out-of-the-park win,” says ESB’s Vanessa Williamson. As part of the IRS’s modernization efforts, Direct File allows taxpayers in 25 states to file their taxes for free, directly with the IRS—no middleman, no fees. @thebradsmith @YahooFinance pic.twitter.com/kRgA1Mq6Mg
— Economic Speakers Bureau (@econspeakers) March 24, 2025
The average refund a citizen will receive in 2o25 is $3,271. Notably, the amount is 5.2% higher than what was refunded last year. Another interesting statistic to note is that fewer people have used the IRS website to file taxes. More people have hired a professional to file their taxes for them than in 2024.
The refund processing date is much quicker for individuals who have filed their returns electronically and requested a direct deposit. You can expect to receive your refund within 21 days if you fit both criteria.
The only way you can expect a delay in the returns is if the IRS decides to review your file. An individual can also use the “Where’s My Refund?” tool on the website to stay informed about their tax refund processing time and any unexpected delays.
The fastest and easiest way to check on your tax refund is by using the #IRS Where’s My Refund? online tool. Try it: https://t.co/i2hXjfHpCb
— IRSnews (@IRSnews) March 4, 2025
If you filed for your tax returns on March 3, 2025, you can expect the direct deposit to show in your bank account by March 24. If you filed it on March 7, it will be reflected in your account by March 28. Likewise, if you filed for the return on March 9, 2025, it will be deposited on March 30.
The amount you receive will depend on several factors. Before a refund is initiated your income, tax credits that you have claimed and withholdings will factor in. Families with children will also qualify for Child Tax Credit.
