
Tax season is here, and refunds are an important source of income for many Americans. For many households, tax refunds represent the largest single payment they receive each year. The Internal Revenue Service (IRS) stated that the average refund last year was nearly $3,200.
This year, refunds could reportedly be even higher, as a recent analysis from financial services firm Piper Sandler suggests the typical refund may increase by about $1,000. That would bring the average refund to roughly $4,200, although actual amounts will vary depending on individual circumstances and the impact of the Republicans’ “big, beautiful” tax and spending legislation, according to CBS News.
For example, older Americans who qualify for the new $6,000 senior deduction may see a larger refund, along with homeowners who are able to take advantage of the expanded $40,000 state and local tax deduction.
Your refund information typically becomes available about 24 hours after electronically filing a current-year return, within three to four days after e-filing a prior-year return, or approximately four weeks after mailing a paper return.
4. The refund tracker will show one of three status updates:
“Return received” indicates the IRS has successfully received your tax return. “Refund approved” means your return has been processed and your refund is scheduled for payment. “Refund sent” confirms the IRS has issued the refund, though it may take a few additional days for your bank to post the deposit to your account.
It is important to note that the “Where’s My Refund?” tool is typically unavailable each morning, usually between 4:00 and 5:00 am Eastern Time, according to the IRS.
If your refund is taking longer than expected, it may be because your tax return requires corrections or additional review. In some cases, the IRS may need more information to complete processing, and if so, they will send you a letter.