WASHNIGTON – Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released today. The average refund is $3,120.

The IRS has processed nearly 50 million returns, about one-third of the total individual federal income tax returns the agency expects to receive this year, with almost 83 percent of those returns resulting in refunds. More than 92 percent of refunds have been directly deposited into taxpayer accounts. The IRS recommends direct deposit as a safe, quick way for taxpayers to get their refunds.

The IRS also recommends taxpayers who have yet to file explore the numerous online tools and resources available on IRS.gov, which taxpayers visited almost 160 million times so far this year.

Longer wait times on IRS phone lines and at IRS offices mean it's more important than ever for taxpayers to use IRS online tools and resources on IRS.gov.

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Upcoming Tax Dates

December 11 — Employees who work for tips
If you received $20 or more in tips during November, report them to your employer Details

December 15 — Corporations
Deposit the fourth installment of estimated income tax for 2018 Details

December 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in November.

December 25 — Everyone
Federal Holiday (Christmas Day) Details

View More Tax Dates