As the tax filing deadline approaches, a number of people have already received direct deposits for their refunds.
The April 15 deadline is approaching, and those who have yet to file their taxes this year have less than a week to do so. More than 70 million taxpayers in the United States have already fulfilled their obligation. According to the most recent IRS data, this figure represents a 1.7% decrease from the previous year.
The IRS reportedly refunded more than $162.992 billion this year, a 6.7% increase from 2024. The average refund amount received is $2,600, a 4.8% increase over the previous year.
Much of that money, $160,919 million, was sent via direct deposit, a service that has grown in popularity in recent years alongside digital banking.
This year’s tax refunds arrive at a time when many people are struggling to deal with the cost of living crisis, as well as economic concerns caused by Trump’s trade war.
For those who have not yet filed their tax returns, the quickest way to receive your refund is to do so electronically and request direct deposit. When the requirements are met, the IRS expects deposits to arrive within 21 days.
The IRS released an estimated timetable that connects the date you filed your taxes to the day you can expect your deposit.
March 10 → March 31
March 11 → April 1
March 12 → April 2
March 13 → April 3
March 14 → April 4
March 15 → April 5
March 16 → April 6
March 17 → April 7
March 18 → April 8
March 19 → April 9
March 20 → April 10
March 21 → April 11
March 22 → April 12
March 23 → April 13
March 24 → April 14
March 25 → April 15
If April 15 arrives and you have not yet filed your taxes, don’t worry. You may face a failure-to-pay penalty of 0.5% of your unpaid balance per month until you file or pay 25% of the total owed.
