As the end of May draws near, the IRS is ramping up its processing pace and issuing tax refunds to millions of Americans. For those who have been waiting patiently, the good news is that refund checks are arriving — and they’re averaging $2,939 per recipient. Many taxpayers are now seeing these payments land in their bank accounts just before Sunday, June 1.
Refunds Arriving This Week
The IRS has confirmed that it is continuing to process a large volume of individual tax returns filed for the 2023 tax year. With most returns filed by the April 15 deadline, the agency has moved into high gear to meet its goal of issuing refunds within 21 days for electronically filed returns.
According to the latest IRS data released this week, the average refund amount has remained steady at $2,939 — a modest increase from last year’s $2,753. For millions of households, this refund represents a significant boost, especially in a time of rising costs for everything from groceries to utilities.
Many recipients who filed in late April or early May are reporting that their refunds have now been direct-deposited or mailed out, with a large batch of payments expected to be completed before Sunday, June 1.
Who’s Getting Paid Now?
Refunds are currently being issued to:
- Taxpayers who filed electronically and selected direct deposit
- Those who filed paper returns but had no errors or delays
- Individuals claiming key refundable credits such as the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC)
- Filers who submitted returns during the last wave before the April deadline
If you fall into any of these groups and haven’t received your refund yet, it may already be on its way.
What If You’re Still Waiting?
If your refund hasn’t arrived yet, you’re not alone. There are still millions of returns in queue, particularly those with more complex tax situations or those flagged for additional review.
You can check the status of your refund using the IRS “Where’s My Refund?” tool on IRS.gov or through the IRS2Go mobile app. You’ll need your Social Security number, filing status, and exact refund amount to track your payment.
It’s important to note that even if your return was accepted weeks ago, some refunds may take longer if:
- You claimed Earned Income Credit or Additional Child Tax Credit
- You filed an amended return
- Your return had errors, was incomplete, or flagged for identity verification
- You opted for paper check delivery, which generally takes longer than direct deposit
What Are People Doing With Their Refunds?
According to a survey by the National Retail Federation, Americans plan to spend their refunds in a mix of responsible and rewarding ways:
- 28% will use it to pay down debt
- 26% will put it into savings
- 14% will use it for everyday expenses
- 10% plan to spend it on vacations or large purchases
For many, the nearly $3,000 average refund offers a crucial lifeline — especially as inflation continues to impact everyday budgets.
Important Dates to Keep in Mind
Here are some IRS-related dates you should know moving into June:
- Sunday, June 1: A large wave of refunds is expected to finish processing
- June 17, 2025: Deadline for estimated tax payments (for freelancers, gig workers, or those with untaxed income)
- October 15, 2025: Final tax filing deadline for those who requested an extension
If you haven’t filed yet and owe taxes, interest and penalties are accruing. And if you’re owed a refund, the sooner you file, the sooner you’ll receive it.
Beware of Tax Scams
The IRS is also warning taxpayers to remain vigilant against refund-related scams. With millions of refunds hitting accounts this week, scammers are stepping up phishing attempts and phone scams claiming to be the IRS.
The IRS will never:
- Call you demanding immediate payment
- Ask for credit card or debit information over the phone
- Threaten arrest or legal action
Always verify refund-related messages through the official IRS website.
Why the Increase in Refunds?
So why is the average refund higher this year?
Several factors are at play:
- The IRS expanded eligibility for certain tax credits
- More people contributed to retirement accounts or HSAs, increasing deductions
- Withholding adjustments made during 2023 led to overpayments for some workers
- More accurate filing using tax software helped avoid errors that previously reduced refund amounts
Additionally, increased adoption of electronic filing and direct deposit helped speed up processing times and reduce costly delays.
Final Thoughts
With the IRS sending out thousands of payments daily and the average refund hovering just under $3,000, now is a great time to check your bank account or mailbox. If you’re still waiting, monitor your refund status closely and be patient — many refunds are arriving just in time to provide financial relief before June.
Whether you plan to save, spend, or invest your refund, this week marks a critical point in the 2024 tax refund cycle. And if you haven’t filed yet, there’s still time — but don’t wait too long, especially if you’re expecting a refund. Every day counts.
