The average tax refund each year, and how tax refunds work
The average tax refund so far in 2025 is $3,221, up $140 from the average refund this time last year. Here’s how tax refunds work.
3 min read
Mar 31, 2025
Andrea Coombes, CFP®
Editor, Tax
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25Years of experience
LICENSE
- CFP®
EXPERTISE
- Taxes
- Personal finance
- Investing
- Saving for retirement
- Credit and debt
EDUCATION
- University of California at Berkeley/B.A. in Sociology
- University of California at Berkeley/Master’s in Journalism
Andrea Coombes, a tax editor at Bankrate, loves to translate complex personal finance topics into understandable content that helps people live their best financial lives. She’s a Certified Financial Planner™ and over the past 25 years has worked as a financial coach, personal finance writer and editor, and volunteer tax preparer.
Her work has been published in The Wall Street Journal, USA Today, MarketWatch and many newspapers nationwide. She's been interviewed on local and national TV and radio, including NPR's All Things Considered, CBS News, NASDAQ and Marketplace.
Andrea has moderated panels on how to invest for retirement, how to use 529 college savings plans and more, and she's an experienced personal-finance speaker who has presented to groups on a variety of topics such as how to budget, improve credit, manage debt, and build savings. She's also worked as a personal financial coach and certified consumer credit counselor, helping people reach their goals. For two tax seasons, she worked a volunteer tax preparer.
Andrea's latest articles
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Estimated taxes: What you need to pay and when
If you earn income that isn’t subject to federal tax withholding, you probably need to pay estimated taxes.
4 min read Nov 08, 2024 -
Lower taxes, higher tariffs: What Trump’s tax plans mean for you
Trump’s tax and tariff plans could mean lower taxes for some Americans and higher costs for others.
3 min read Nov 07, 2024 -
Donation value guide for 2024
This list of common items offers an idea of what your donated clothing and household goods are worth, as suggested in the Salvation Army’s valuation guide.
3 min read Nov 04, 2024 -
What is net income? Definition and how to calculate it
Net income provides a more accurate account of financial status than gross income. Here’s why.
2 min read Nov 04, 2024 -
Tax hikes or tax cuts? Here’s how Harris and Trump compare on taxes
If Congress does nothing next year, taxes could increase for millions of Americans.
7 min read Oct 30, 2024 -
2024 gift tax rate: What it is, how it works and who has to pay it
The gift tax imposes a tax on large gifts, preventing large transfers of wealth without any tax implications.
4 min read Oct 29, 2024 -
Alternative minimum tax 2024-2025: What it is and who has to pay
The AMT has its own set of tax rates and requires a separate calculation.
2 min read Oct 25, 2024 -
