economy
Average Tax Refund Is Up $350 Compared to Last Year as IRS Deadline Approaches
The average IRS tax refund is up $350 compared to last year, based on the latest filing data. Here's what to expect for your return.
TL;DR
- Average tax refunds are up by about $350 so far this season compared to last year.
- As of March 27, the average refund was $3,521, an increase from $3,170 a year ago.
- The rise in refunds is linked to changes from President Trump's tax legislation.
- Many W-2 employees overpaid taxes because withholding tables were not updated, leading to larger refunds.
- Republicans are emphasizing increased refunds as a benefit of Trump's tax cuts ahead of the midterm elections.
- Treasury Secretary Scott Bessent stated that nearly 50% of returns filed in 2026 included Trump's 'signature campaign policies'.