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Average IRS Tax Refund Is Up 10.9%, Latest Filing Data Shows
The average IRS tax refund is up 10.9%, based on new filing data. Here's what you can expect.
TL;DR
- Average tax refund is up 10.9% this season compared to last year.
- As of March 20, the average refund was $3,571, up from $3,221 a year ago.
- Approximately 79 million individual returns have been received.
- Changes from President Trump's tax legislation may be contributing to higher refunds.
- The average refund for certain filers claiming new tax breaks was $775 higher.
- The increased SALT deduction cap to $40,000 could further increase refunds for itemizers, particularly higher-income individuals.
- Historically, most taxpayers use the standard deduction, and only a small percentage claim the SALT deduction.