Last year, about three-quarters of taxpayers received a tax refund, which was $2,860 on average. As of March 24, the IRS had issued 68.3 million refunds, averaging $2,897.
If you’re expecting a lot more than that, it likely means you’ve overpaid on taxes throughout the year.
More from Balancing Priorities:
The smartest way to use your tax refund
The wackiest tax deductions you never knew existed
Why a huge tax refund is a bad strategy
Once that cash finally hits your account, financial advisors recommend using it to pay down high-interest loans such as credit card debt.