The average refund for tax year 2025 exceeds $3,700, officials said on March 10.

With more than 63.5 million returns processed through March 8, the average refund is over $3,700, the Department of Treasury and the White House said.

The refunds have been boosted by tax cuts signed by President Donald Trump, including the ability to not pay taxes on some tips that was part of the One Big Beautiful Bill Act, officials said.

Nearly 45 percent of the returns used Schedule 1-A, the form for the new deductions, including approximately 15.5 million that took advantage of tax breaks on overtime and 3.5 million that avoided paying taxes on tips.

“Halfway through this filing season, the Working Families Tax Cuts are already delivering meaningful relief to middle- and low-income taxpayers, increasing after-tax income and putting more money back into the pockets of American families, workers, and small business owners,” Scott Bessent, the treasury secretary, said in a statement.

“Treasury and the IRS have worked tirelessly to ensure that relief was delivered efficiently, securely, and on time. This filing season reflects our commitment to making the tax system work for working families. Because of the landmark legislation signed into law by President Trump, millions of Americans are keeping more of what they earn and seeing their paychecks go further than ever before.”

White House press secretary Karoline Leavitt told reporters in Washington on March 10 that Americans are beginning to benefit from the tax cuts.

The Trump administration also introduced accounts for newborns, known as Trump Accounts. Nearly 3.5 million Trump Accounts have been opened, with more than 800,000 qualifying for $1,000 from the government, the Department of Treasury said.

IRS CEO Frank Bisignano told lawmakers recently that through March 2, the IRS had received more than 55 million tax returns through March 2, and provided 37 million refunds totaling $137 billion.

Refunds to bank accounts were being issued on average in nine days, he said later in the hearing, which took place before the House of Representatives Ways and Means Committee.

“I think what you’re finding is bigger refunds, quicker refunds, and an easier IRS to operate through,” he said.

Rep. Richard Neal (D-Mass.), the top Democrat on the committee, told Bisignano that data he reviewed showed that refunds for many Americans were “much smaller than promised and are skewed, once again, to the wealthy.”

April 15 is the tax filing deadline for the 2025 tax year. People can file for extensions to file their paperwork, but they must pay any taxes owed by the April 15 deadline to avoid penalties.