IRS Says Average Tax Refund Is Up So far This Year; Here’s Why

The IRS revealed it is issuing larger tax returns than the previous year.

The top of a form 1040 individual income tax return for 2005 is seen atop a stack on the same at the Des Plaines Public Library in Des Plaines, Ill., on March 23, 2006. Tim Boyle/Getty Images

The Internal Revenue Service (IRS) revealed it is issuing larger tax returns than the previous year, reversing trend from several weeks ago, according to a tax season update.

As of Feb. 16, the average tax return so far totals $3,207, said the agency, or about 2 percent than the period last year. During the 2023 tax season, the average amount for a return around the same time was $3,140, it added.