{"id":48056,"date":"2026-02-22T05:27:59","date_gmt":"2026-02-22T05:27:59","guid":{"rendered":"https:\/\/isafespend.com\/?p=48056"},"modified":"2026-02-22T05:28:00","modified_gmt":"2026-02-22T05:28:00","slug":"tax-refunds-are-big-this-year-irs-data-show-heres-how-big","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=48056","title":{"rendered":"Tax Refunds Are Big This Year, IRS Data Show. Here\u2019s How Big."},"content":{"rendered":"
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The number of tax returns the IRS has received so far this tax season is down from last year, but refunds are up double digits, IRS data show.<\/p>\n

The average refund through Feb. 6 was $2,290, up nearly 11% from $2,065 at the same time in 2025 while total returns received fell 5.2%. The IRS noted refund numbers should rise further, too, as refunds claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) are required by law to be held until Feb. 15.<\/p>\n

These \u201crefund numbers do not include millions of EITC and ACTC refunds to these taxpayers,\u201d the agency said in its release. \u201cThis means the refund numbers expected to be released Feb. 27, for refunds processed through Feb. 20, are expected to be higher.\u201d<\/p>\n

That should be encouraging news to Americans who are struggling under the weight of elevated prices and a slowing job market, analysts said.<\/p>\n

\u201cHigher\u00a0refunds should be a tailwind for consumers, particularly lower income consumers who use\u00a0tax\u00a0refunds for debt paydown and big-ticket purchases,\u201d said Mihir Bhatia, analyst at Bank of America.<\/p>\n

Average refunds are big. How to get mine faster?<\/p>\n

\u201cCombining direct deposit with electronic filing is the fastest way to receive your refund,\u201d the IRS said. Most refunds are issued in less than 21 days\u00a0for taxpayers who filed a flawless return electronically and chose direct deposit.<\/p>\n

Nine out of 10 taxpayers already receive their tax refunds by direct deposit, but to boost that closer to 100%, the IRS began phasing out paper checks last September.<\/p>\n

\u201cPaper checks are over 16 times more likely to be lost, stolen, altered, or delayed than electronic payments,\u201d the IRS said. \u201cDirect deposit also avoids the possibility that a refund check could be returned to the IRS as undeliverable.\u201d<\/p>\n

How do I know when my refund\u2019s coming?<\/p>\n

Through the IRS \u201cWhere\u2019s My Refund\u201d tool, you can track when the IRS received your tax return, when it approved a refund and when it issued the refund. The money should land in your account within five days from the date the IRS approves your refund.<\/p>\n

If you mailed a paper return and expect a refund, it could take four weeks or more to process your return, the IRS said.<\/p>\n

Since refunds for Americans who claimed the EITC\/ACTC can\u2019t be released until mid-February for\u00a0early filers, those taxpayers may have to wait until around March 3 to see their refunds in their bank accounts or on debit cards, if they chose direct deposit and there are no issues with the tax return.<\/p>\n

If you don\u2019t have a bank account, find one through the\u00a0FDIC website\u00a0or the National Credit Union Administration using their\u00a0Credit Union Locator Tool. Usually, people can\u00a0open a bank account\u00a0pretty quickly. You can also ask your tax preparer if they offer other electronic payment options.<\/p>\n

Otherwise, you might be able to deposit your refund onto a reloadable prepaid debit card or mobile app. Many reloadable prepaid cards and mobile apps have routing and account numbers, which may be different from the card number. Check with your financial institution to make sure your card or app can receive the deposit and double-check the routing and account numbers.<\/p>\n

How should people use their tax refunds?<\/p>\n

Along with that big check comes big responsibility, so make sure not to spend it all away, financial experts said. Here are some ideas:<\/p>\n