$3,436 In Average Tax Refunds Will Be Issued By IRS This Week – Check Eligibility Criteria!

As of March 2025, the Internal Revenue Service (IRS) has announced that the average tax refund issued this year will be approximately $3,436. This reflects a 7.5% increase from the previous year. With millions of taxpayers awaiting their refunds, it’s important to understand the eligibility criteria, refund processing timeline, and methods to track your refund status.

$3,436 In Average Tax Refunds

The IRS is set to issue average tax refunds of $3,436 this week, with many taxpayers eager to receive their returns. Understanding eligibility, tax credits, and refund processing is crucial for maximizing your refund. To ensure fast processing, file electronically, double-check your return, and use the IRS tools to track your refund. Stay updated with official resources like IRS.gov for the latest information.

Who is Eligible for a Tax Refund?

A tax refund is issued when you have overpaid your tax liability for the year. Your eligibility depends on several factors, including:

1. Filing a Tax Return

To receive a refund, you must file a federal income tax return for the 2024 tax year. The IRS began accepting returns on January 27, 2025.

2. Income and Tax Withholding

Your income level and the amount withheld from your paycheck for federal taxes determine whether you qualify for a refund. If too much tax was withheld, you are eligible for a refund.

3. Tax Credits

Certain tax credits can increase your refund amount:

1. Earned Income Tax Credit (EITC): For low-to-moderate-income taxpayers
2. Additional Child Tax Credit (ACTC): For those with dependent children
3. American Opportunity Tax Credit (AOTC): For education expenses
4. Lifetime Learning Credit (LLC): For college students and adult learners

Note: If you claim the EITC or ACTC, expect a processing delay, with refunds issued no earlier than March 3, 2025.

4. Standard vs. Itemized Deductions: Taking standard deductions or itemizing deductions can reduce your taxable income, affecting your refund amount.

How to File Your Tax Return?

Filing taxes can be simple if done correctly. Follow these steps to file your 2024 tax return:

Step 1: Gather Your Documents

1. W-2 forms from employers
2. 1099 forms for freelance or gig work
3. Receipts for deductible expenses
4. Bank statements for interest and dividends
5. Social Security Numbers for dependents

Step 2: Choose a Filing Method

You can file your taxes through:

1. IRS Free File (For incomes below $73,000)
2. Tax preparation software (TurboTax, H&R Block, TaxSlayer)
3. Hiring a tax professional

Step 3: File Electronically for Faster Refunds

E-filing ensures faster processing and reduces errors. Choose Direct Deposit for the fastest refund.

When Will You Receive Your Tax Refunds?

Refund processing times depend on how you file:

Tip: Avoid delays by double-checking your information and filing early.

Also Check: Australia Centrelink Cost of Living Payment 2025 Changing? How much? Revised Amount, Eligibility

How to Track Your Tax Refunds?

The IRS provides tools to check your refund status:

1. “Where’s My Refund?” tool on the IRS website
2. IRS2Go Mobile App (Available on iOS & Android)
3. Calling the IRS at 1-800-829-1954 (Automated system available 24/7)

Refund updates are typically available 24 hours after e-filing or 4 weeks after mailing a paper return.

Common Reasons for Refund Delays

1. Errors on your return (Incorrect SSN, mismatched information)
2. Claiming tax credits like EITC or ACTC
3. Filing a paper return instead of e-filing
4. IRS flagging return for additional review

Tax Refunds (FAQs)