The average tax refund is inching upwards, according to the latest statistic from the Internal Revenue Service.

IRS statistics through March 8 show the average refund for 2023 tax returns is $3,145, up just under 6% from last year’s average of $2,972 at the same point. The total number of returns received is down slightly from 62.7 million to 63.4 million, a decline of just over 1%.

If the figure holds, refunds for the 2023 tax season could be the highest in recent years. The average refund for tax year 2022 – issued in 2023 – was $2,753.

Previous year refunds were:

• Tax year 2021—$3,012.
• Tax year 2020—$2,865.
• Tax year 2019—$2,781.
• Tax year 2018—$2,729.

According to the IRS, most people who file digitally and request direct deposit can expect their refunds within 21 days.

The deadline for filing taxes this year is April 15. Taxpayers requiring more time can request a six-month extension, pushing the deadline back to Oct. 15. Filing for an extension avoids late penalties but doesn’t delay tax payments. You can see more on filing an extension with Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.