According to the Internal Revenue Service, through February 20, it has issued almost 40 million tax refunds with the average refund amount of $3,120, which is almost comparable to 2014’s $3,116, for the same period.
The agency says that it had processed nearly 50 million returns, which is about one-third of the total individual federal income tax returns it expects to receive this year. Of the 50 million returns processed, 83 percent resulted in some form of a refund. So far, 92 percent of taxpayers with refunds have elected their refunds to be directly deposited. The agency is recommending those with refunds to avail themselves of the direct deposit option as it is a safe, quick way for taxpayers to get them.