J.P. Morgan Asset Administration chief world strategist David Kelly dissects what is tough to get out of the market and extra on Making Cash.
People are receiving bigger tax refunds on common within the 2026 submitting season than final 12 months, although taxpayers are submitting at a slower tempo within the first few weeks than they have been a 12 months in the past.
The most recent IRS tax submitting information was launched by the company on Friday and confirmed that as of Feb. 6, the common tax refund quantity paid to taxpayers was $2,290.
That represents a rise of 10.9% in comparison with the common measurement of refunds paid on the similar stage of the 2025 tax submitting season, when the common refund quantity was $2,065.
Over 7.4 million refunds have been issued as of Feb. 6, down 8.1% from the identical time final 12 months when almost 8.1 million have been disbursed to taxpayers.
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Common tax refunds paid to People are up over 10% to this point this submitting season, the IRS reported. (Michael Bocchieri/Getty Photos)
Whereas the variety of refunds has declined, the entire quantity refunded has risen 1.9% from almost $16.7 billion to virtually $17 billion, which helped enhance the dimensions of the common refund.
IRS information additionally confirmed that the common direct deposit refund rose by the same quantity in comparison with this level of final 12 months’s tax submitting season, as the common direct deposit refund for the present 12 months is $2,388 – up 10.3% from $2,165 right now a 12 months in the past.
Whereas refunds are rising to date within the 2026 submitting season in comparison with a 12 months in the past, the variety of tax returns obtained and processed has declined relative to final 12 months.
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The IRS reported People are submitting tax returns at a slower tempo to this point this submitting season. (J. David Ake/Getty Photos)
The IRS reported that it has obtained almost 22.4 million returns as of Feb. 6, a lower of 5.2% from final 12 months when virtually 23.6 million returns have been obtained on the similar stage of the submitting season.
The IRS gives an internet “The place’s my refund?” software for taxpayers to verify on the standing of their tax refund.
The IRS web site stated that processing a tax refund usually takes as much as 21 days for e-filed returns, whereas returns despatched by mail can take six weeks or extra to succeed in the taxpayer. Refunds might also take longer if the return is in want of corrections or extra overview.
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Treasury Secretary Scott Bessent has stated taxpayers will obtain massive refunds this submitting season. (Nathan Posner/Anadolu through Getty Photos)
Taxpayers who’re making ready to file their returns ought to contemplate establishing direct deposit with the IRS in the event that they want to obtain their refund sooner.
Taxpayers who e-file their returns can usually see their refund standing inside 24 hours utilizing the “The place’s my refund?” software, which may present refund info for not solely the present 12 months but additionally the previous two years.
If a taxpayer must amend their return after submitting, it will probably take longer to obtain their tax return. Amended returns can take as much as three weeks to look within the IRS’ system and as much as 16 weeks to course of.
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The IRS additionally gives a “The place’s my amended return?” software for taxpayers who submitted an amended return and wish to observe the standing of their submitting and any associated refund.
