IRS releases updated tax numbers for 2026
The IRS releases updated federal income tax brackets and standard deductions for tax year 2026, which apply to returns filed in 2027.
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The IRS said Americans should spend the next few weeks getting their tax forms together if they want to be among the first to receive their returns (and refunds) when tax season begins on January 26th.
According to the IRS, Americans have until April 15 to file their 2025 tax returns and pay any taxes owed. The agency expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically.
According to a study by Credit Karma, which provides credit score information, one-third of Americans rely on their tax refunds to get by. And with refunds expected to be larger than usual this year thanks to the tax and spending package passed by President Donald Trump in July, Americans may want to prepare their refunds early and get in line for the big day, experts said.
“Many filers can expect an increase in their refund amount or a reduction in their outstanding balance, in some cases by up to $1,000,” said Lisa Green Lewis, a certified public accountant (CPA) and tax expert at TurboTax. The average refund in 2025 was $2,939.
How can Americans prepare?
IRS.gov has online tools and resources available to taxpayers before, during and after filing their federal tax return, the agency said. The site also includes information about how July’s tax and spending bill will affect your taxes and potentially increase your refund, the IRS said.
IRS Chief Executive Frank Bisignano said the agency “stands ready to help taxpayers meet their tax obligations during the 2026 filing season.” Its “information systems have been updated to incorporate new tax laws and are ready to efficiently and effectively process taxpayer returns during filing season.”
The agency is encouraging Americans to create and use personal online accounts that provide information such as outstanding balances, paid or scheduled payments, and tax records.
Additionally, the IRS is phasing out paper tax refund checks and strongly encourages taxpayers to open a bank account to receive their tax refund via direct deposit.
What’s new this season?
The tax and spending bill introduced a number of new provisions that are retroactive to 2025. Here are some new rules and forms to keep an eye on this tax season, the IRS said.
- New schedule 1-A Claim recently enacted tax credits, such as tax exemptions on tips, tax exemptions on overtime, tax exemptions on car loan interest, and/or enhanced deductions for seniors.
- Register a Trump account. Parents, guardians, or other authorized individuals can create a Trump Account for their child.
- Form 1099-K To report payments received from credit cards, payment apps, and online marketplaces.
- Form 1099-DA To report digital asset revenue from broker transactions.
Why should taxpayers file as soon as possible?
Richard Pong, a San Francisco certified public accountant, said there are many benefits to filing early. They include:
- Receive your refund faster
- You can budget for taxes due April 15th
- Lock your return to avoid scammers who use your Social Security number to file fraudulent returns and steal your refund.
- Get more attention from tax professionals if needed
Where can taxpayers get help?
If you’re stuck and need help, here are some suggestions from the IRS.
What happens after I file my tax return?
If you need a refund, please use “Where’s my refund?” Tools to track your status. Your return must include your exact refund amount, Social Security number or Individual Taxpayer ID Number (ITIN), and filing status.
Information is typically available approximately 24 hours after you electronically file your current year’s return or 4 weeks after you file your paper return.
Information is updated once a day overnight, but is unavailable each morning during the update period, typically between 4:00 AM and 5:00 AM Eastern Time.
If you prefer the mobile app, you can also check your refund on IRS2Go.
How long will it take to receive my tax refund?
The time it takes to receive your refund depends on how you filed.
The IRS says if you file electronically and your return is accurate and complete, you should receive your refund within three weeks, and even less if you choose direct deposit.
If you mailed your paper return, your refund should be available within approximately 6 to 8 weeks from the date the IRS receives your return, assuming it is accurate and complete.
Medora Lee is USA TODAY’s money, markets and personal finance reporter. Please contact us at mjlee@usatoday.com. Subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
