We’re not even two weeks into the 2024 tax season, which kicked off on Jan. 29, and taxpayers are already receiving their tax refund a reimbursement from the IRS.
The company stated taxpayers can usually expect to receive a refund inside 21 days in the event that they file electronically and select direct deposit. However by final Friday, Feb. 2, simply 5 days into tax submitting season — the IRS had already issued 2.6 million refunds. As compared the IRS had despatched out over 7.9 million refunds by Feb. 3, 2023. Tax season final yr begins 6 days earlier, nonetheless, on Jan. 23, 2023, so taxpayers had an almost per week head begin to ship into their tax returns.
Here is how the IRS is doing this yr. For extra on taxes, take a look at our important 2024 tax filing cheat sheet and the best tax software for 2024.
What number of tax returns have been processed up to now in 2024?
As of Feb. 2, the IRS stated it has processed 13.9 million federal earnings tax returns, down 16.9% from the 16.7 million it acquired by way of this time final yr. With tax season beginning earlier in 2023 — Jan. 23, 2023, vs Jan. 29, 2024 — tax filers had six extra days final yr to ship of their tax returns.
The IRS had additionally acquired 15.3 million returns by Feb. 2, down 19.1% from the 18.8 million it acquired by Feb. 3, 2023.
Of the 15.3 million returns acquired up to now, all however 409,000 have been filed electronically, the IRS stated — 4.8 million from tax preparers and one other 10 million from self-preparers.
What number of tax refunds have been issued up to now?
The IRS has issued 2.6 million refunds as of Feb. 2, down 67.3% from 7.9 million it has despatched out by Feb. 3, 2023.
Within the first week of this tax yr, the IRS refunded $3.6 billion — down 76.8% from the $15.6 billion from similar interval final yr.
How do 2024’s tax refunds stack as much as 2023’s up to now?
The common refund measurement can also be down 28.9%, from $1,963 for 2023’s tax season by way of Feb. 3, to $1,395 for this season up to now.
Of those that acquired refunds, 2.6 million selected direct deposit, and their refund was $1,543. As compared, for a similar time interval final yr, 6.9 million direct depositors had already acquired their return, which averaged $2,056.
For extra, listed here are the dates you have to know to get you thru this tax season. For extra on taxes, here is methods to set up an account on the IRS website and what to know about this year’s child tax credit.
