Here’s How Long American’s Tax Refunds Last

Tax refunds are the biggest windfall of the year for many Americans, often helping to keep bank balances elevated for months after payment, a JPMorgan Chase Institute study shows.

Refunds have averaged $3,602, and amount to the biggest incoming cash-flow day of the year for 29 percent of recipients, according to the institute’s study of bank and credit card customer data from 2015-17, before the 2017 Republican tax law took effect. Families who received refunds still had an average of 28 percent of their payments in the bank six months later.