Business & Real Estate

IRS: Income tax refunds total $125 billion...and counting

More than 40 million IRS tax refunds worth about $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released Thursday.

The IRS said the average refund is $3,120.

As of last week, the IRS said it has processed nearly 50 million returns, roughly one-third of the total individual income tax returns it expects to receive this year.

To date, more than 92 percent of refunds have been directly deposited into taxpayers’ bank or savings accounts. The IRS recommends direct deposit as a safer, faster way to receive tax refunds.

More details are at IRS.gov.

Call The Bee’s Mark Glover, (916) 321-1184.

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