IRS: Average tax refund is $3,000 this year, have you filed yet?
WASHINGTON – The deadline to file your taxes is just a little over a month away now.
About 40 percent of Americans have already filed their returns.
The IRS is reporting the average tax refund is up 3 percent so far this year to just over $3,000.
If your refund is direct deposited, the return is slightly higher.
According to some experts, the higher refunds are due to more taxpayers qualifying for the earned income tax credit.
That credit is meant to help lower-income filers who are underemployed due to changes in their job status.
The survey also shows most Americans plan to use their refund toward paying off their bills.