PHOENIX—Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released Thursday.
The average refund is $3,120.
The IRS has processed nearly 50 million returns, about one-third of the total individual federal income tax returns the agency expects to receive this year, with almost 83 percent of those returns resulting in refunds. More than 92 percent of refunds have been directly deposited into taxpayer accounts. The IRS recommends direct deposit as a safe, quick way for taxpayers to get their refunds.
The IRS also recommends taxpayers who have yet to file explore the numerous online tools and resources available on IRS.gov, which taxpayers visited almost 160 million times so far this year.
Longer wait times on IRS phone lines and at IRS offices mean it’s more important than ever for taxpayers to use IRS online tools and resources on IRS.gov.