Tax refunds are big this year, IRS data show. Here's how big. [USA TODAY]
Bank of America Corporation (BAC)
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Source: USA TODAY
The number of tax returns the IRS has received so far this tax season is down from last year, but refunds are up double digits, IRS data show. The average refund was $2,290, up nearly 11% from $2,065 at the same time in 2025 while total returns received fell 5.2%. The IRS noted refund numbers should rise further, too, as refunds claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) are required by law to be held until Feb. 15. These “refund numbers do not include millions of EITC and ACTC refunds to these taxpayers,” the agency said in its release. “This means the refund numbers expected to be released Feb. 27, for refunds processed through Feb. 20, are expected to be higher.” That should be encouraging news to under the weight of and a , analysts said. “Higher refunds should be a tailwind for consumers, particularly lower income consumers who use tax refunds for debt paydown and big-ticket purchases,” said Mihir Bhatia, analyst at Bank of Ame
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