WASHINGTON, Nov. 2, 2026 — The Internal Revenue Service says it collected a record $5.6 trillion in taxes in fiscal year 2026, an increase of nearly 5% from the year before. The agency released its year-end figures in a news release (IR-2026-129) on Oct. 29.
We are not financial advisors; this is general information, not financial advice.
Refunds and tax rates
The IRS links the results to the tax law it calls the Working Families Tax Cuts. According to the release:
- The total dollar amount of refunds claimed during the filing season rose 17% from last year, and the average refund was up 11%.
- About 90% of people who filed electronically got their refunds in less than 21 days.
- The total amount of refunds paid out rose by more than 20% from 2025 to 2026.
- 12% more refunds went out by direct deposit than the year before.
- Based on individual returns filed through mid-July, the overall average federal income tax rate for Tax Year 2025 fell to 12.6%, a 4% decrease from 2025, and average rates declined across all income categories.
More people are doing their taxes online
The IRS says IRS.gov had more than 954 million visits and taxpayers ran nearly 469 million "Where's My Refund?" status checks.
About 37.6 million people used an Individual Online Account, up 34% from the year before, with 224 million logins. Payments made through those accounts rose 57% to more than $133.6 billion. The agency also says more than 140,000 people downloaded its new IRS mobile app in the first five days after launch.
Fraud and Trump Accounts
The IRS says it protected about $38 billion in tax revenue from identity theft refund fraud during the fiscal year. Taxpayers can report suspected tax fraud, scams or evasion with the Report Fraud button on the IRS.gov homepage or at IRS.gov/submitatip, according to the release.
The agency also says nearly 70 million Trump Accounts, the new investment accounts for children under 18, are open, and 27 million have already received money. The federal government is contributing $1,000 to each child born between Jan. 1, 2025, and Dec. 31, 2028, the IRS says.
Now that you have the up-to-date facts, decide what it means for you and your family.
Source: IRS news release IR-2026-129, Oct. 29, 2026; IRS Report Fraud page.
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