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The 2024 tax season is simply over a month previous, with the season having kicked off on Jan. 29. The quantity of tax refund cash the IRS has despatched out is choosing up, regardless that the entire variety of refunds despatched up to now in 2024 is constant to lag behind the numbers for a similar interval in 2023.
Taxpayers can usually expect to receive a refund inside 21 days in the event that they file electronically and select direct deposit, the IRS stated. However by March 1, 4 weeks into tax submitting season, the IRS had issued greater than 36.2 million refunds. By comparability, the IRS had despatched out over 42 million refunds by March 3, 2023.
Tax season final yr began six days earlier, nonetheless, on Jan. 23, so the IRS had practically per week longer to obtain and course of tax returns and ship refunds. Although, evidently the company is starting to catch final yr’s numbers.
Here is how the IRS is doing this yr. For extra on taxes, try our important 2024 tax filing cheat sheet, how to track your refund with the IRS and the best tax software for 2024.
What number of tax returns has the IRS processed up to now in 2024?
As of March 1, the IRS stated it had processed 53.2 million federal earnings tax returns, down by 2.0% from the 54.3 million it bought by means of this time final yr. With tax season beginning earlier in 2023 — Jan. 23 versus Jan. 29 — filers had six extra days final yr to ship of their tax returns.
The IRS had additionally acquired 54 million returns by March 1, down just one.7% from the 54.9 million it acquired by March 3, 2023.
Of the 54 million returns acquired up to now, simply over 52.7 million of these had been filed electronically, the IRS stated — 24.5 million from skilled tax preparers and one other 28.2 million from self-preparers.
What number of tax refunds has the IRS issued up to now?
The IRS has issued greater than 36.2 million refunds as of March 1, down by 13.7% from the 42 million it had despatched out by March 3, 2023.
Within the first 5 weeks of this tax yr, the IRS refunded over $115.4 billion — down by 9.3% from the $127.3 billion despatched out by March 3 final yr. Once more, the 2023 tax season started six days earlier.
How do 2024’s tax refunds stack as much as 2023’s up to now?
The typical refund dimension is up by 5.1%, from $3,028 for 2023’s tax season by means of March 3, to $3,128 for this season by means of March 1.
Whereas the typical refund dimension is up up to now in comparison with the identical time final yr, the IRS informed CNET that making year-to-date comparisons might be tough due to how a lot earlier it began final yr. The company did say the 2024 tax season is off to a robust begin, with all methods working effectively.
Of those that acquired refunds, 35.3 million selected direct deposit, and their refund was $3,244. By comparability, for a similar time interval final yr, 39.9 million direct depositors had already acquired their return, which averaged $3,115.
For extra, listed below are the dates you might want to know to get you thru this tax season. For extra on taxes, this is the best way to set up an account on the IRS website and what to know about this year’s child tax credit.
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