IRS Refunds Rolling Out: Next Batch Averages $2,939, Find Out When!

The 2024 tax season has concluded, yet the Internal Revenue Service (IRS) continues to process and send out tax refunds. Two months have elapsed since the tax filing deadline, and most taxpayers have likely completed their filings, had them processed, and received any refunds due. However, the timing of your refund can vary based on several factors such as your filing method, the chosen method of refund delivery, any delays in filing, and the complexity of your tax situation, with some refunds still pending distribution.

Eligibility for a Tax Refund

Tax refunds are distributed by the IRS to taxpayers who have paid more taxes during the year than they owed. Typically, employers withhold taxes from your paycheck and remit them to the IRS without considering any eligible tax credits or deductions that could lower your overall tax liability. When tax season arrives, these overpayments can be reclaimed as refunds.

Annually, about two-thirds of taxpayers receive a refund. Freelancers and independent contractors often receive refunds too, as they are required to make estimated tax payments quarterly. Given the variable nature of their income, these individuals may overestimate their owed taxes, resulting in a refund.

Expecting a $2,939 Refund This Week?

This week, you might receive your refund if you meet the following conditions:

• Your tax return was filed during May.
• You opted to receive your refund via mail rather than direct deposit.

Refunds sent by mail can take up to six weeks to arrive. Note that filing your taxes after the April 15 deadline can reduce your refund amount due to late penalties. If you’re still waiting for your refund, check the IRS ‘Where’s My Refund?’ tool for updates.

According to IRS statistics from April 25, the average refund this year is $2,939. However, it’s important to remember that this average can be skewed by higher-income earners receiving larger refunds. Therefore, you may receive less than this average amount.

Reasons for Withheld Refunds

Occasionally, even if you are due a refund, the IRS may withhold it for various reasons. Commonly, this occurs if you owe money to federal or state tax authorities. For example, if you’ve settled your federal taxes but have unpaid state taxes, the IRS might use your refund to cover the state debt.

Other reasons for withholding include unpaid child or spousal support, where a court order prevents disbursement until these obligations are met. Additionally, defaulting on federal student loan payments may lead the IRS to apply your refund to the outstanding balance. If you’re unclear why your refund is being withheld, contacting the IRS directly can provide clarity and assistance.

Disclaimer: This article is for informational purposes only and does not constitute tax advice. It does not replace IRS guidance or official notices. To confirm your eligibility or payment status, click the IRS-linked resources in our article or log in to your IRS online account; for personalized advice, consult a qualified tax professional.