The latest data from the US Internal Revenue Service (IRS) revealed that the average tax refund for those who have already filed their returns for the 2024 tax year was £1,725 as of 14th February 2025. This is a 32% drop from £2,551 compared to the same day last year. By Valentine's Day, the IRS had received almost 33 million individual tax returns.
Tax season officially began on 27th January. That's when the IRS started processing returns for the tax year 2024. For most filers, taxes for 2024 returns are due on 15th April 2025.
