Tax Day Countdown: 3 Predictions for Your Tax Refund From an Expert Accountant
Written by
Gabrielle Olya
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Molly Sullivan
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Roughly 105 million Americans received tax refunds in 2024 from the Internal Revenue Service, with the average tax refund amount at $3,138, according to IRS data. Looking ahead to the current tax season, will 2025 be a more fruitful year when it comes to filing your taxes? Or can you expect more of the same to be added to your bank account?
To get some predictions about 2025 tax refunds, GOBankingRates spoke with a tax professional. Lisa Greene-Lewis is a CPA and TurboTax expert — here’s what she had to say about the 2024 tax year and what to expect when it comes time to file.
Taxes Filed: Your 2025 Refund vs. Your 2024 Refund
If you’re hoping for a significantly fatter tax refund when you beat the deadline to file by April 15, 2025, you may be disappointed.
“I can’t predict what will happen with tax filers’ refunds since everyone has different tax situations, but there are no significant tax law changes in place this year to make me think there will be a shift,” Greene-Lewis said.
However, she did provide some tips for getting the largest refund possible when it comes to navigating tax forms and individual income tax returns.
“Make sure you get the refund you deserve by gathering all your documents in one place so you don’t leave out expenses that can be worth substantial deductions or credits,” she said. “Make sure to take refundable credits, like the earned income credit worth up to $7,830 for a family with three kids, if eligible. The IRS reports that 1 of 5 people in the United States forget this credit.
“Make sure you have the correct Social Security numbers for kids and other dependents because they can be worth valuable deductions and credits, but you need to use the correct Social Security numbers to receive them,” Greene-Lewis continued.
She also recommended getting your tax documents and returns filed ASAP. There are many options for free filing or you can use tax software such as TurboTax, H&R Block, TaxSlayer and more.
About the Same Number of Americans Will Receive Refunds This Year
From 2023 to 2024, the number of refunds issued changed by just 0.8%. Greene-Lewis does not believe the number of Americans who receive refunds will fluctuate dramatically from 2024 to 2025 either, no matter their tax exemptions or tax liabilities.
“It is too early to tell, but there have not been any significant tax law changes that can change refunds,” she said.
Many Americans Will Be Using Their Refunds To Pay Bills
Greene-Lewis believes that many Americans will be putting their refunds to practical use this year.
“In our recent survey, conducted by Talker Research on behalf of TurboTax, [we found that] respondents are planning to use their return for practical things such as putting it toward bills (46%), into their savings (43%) or even to shop for necessities, such as food, utilities or repair expenses (33%),” she said.
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