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The 2024 tax season has been chugging alongside for over seven weeks now, and there is a bit lower than a month left till all the things wraps up, with the season having kicked off on Jan. 29 and ending April 15. The quantity of tax refund cash the IRS has despatched out is constant to select up, though the overall variety of refunds despatched to this point 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 15, the IRS had issued greater than 49.1 million refunds. By comparability, the IRS had despatched out over 53.9 million refunds by March 17, 2023.
Tax season final 12 months began six days earlier, nonetheless, on Jan. 23, so the IRS had practically every week longer to obtain and course of tax returns and ship refunds. Although, evidently the company is starting to catch, and even surpass, final 12 months’s numbers.
This is how the IRS is doing this 12 months. For extra on taxes, take a look at 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 to this point in 2024?
As of March 15, the IRS stated it had processed 70.5 million federal revenue tax returns, down by 1.2% from the 71.4 million it obtained by this time final 12 months. With tax season beginning earlier in 2023 — Jan. 23 versus Jan. 29 — filers had six extra days final 12 months to ship of their tax returns.
The IRS had additionally acquired 71.5 million returns by March 15, down by a mere 0.4% from the 71.8 million it acquired by March 17, 2023.
Of the 71.5 million returns acquired to this point, simply over 69.5 million of these had been filed electronically, the IRS stated — 34.8 million from skilled tax preparers and one other 34.6 million from self-preparers.
What number of tax refunds has the IRS issued to this point?
The IRS has issued greater than 49.1 million refunds as of March 15, down by 8.8% from the 53.9 million it had despatched out by March 17, 2023.
Within the first seven weeks of this tax 12 months, the IRS refunded over $152.7 billion — down by simply 3.4% from the $158 billion despatched out by March 17 final 12 months. Once more, the 2023 tax season started six days earlier.
How do 2024’s tax refunds stack as much as 2023’s to this point?
The common refund measurement is up by 6%, from $2,933 for 2023’s tax season by March 17, to $3,109 for this season by March 15.
Whereas the common refund measurement is up to this point in comparison with the identical time final 12 months, the IRS informed CNET that making year-to-date comparisons will be difficult due to how a lot earlier it began final 12 months. The company did say the 2024 tax season is off to a robust begin, with all methods working nicely.
Of those that acquired refunds, 47.5 million selected direct deposit, and their refund was $3,177. By comparability, for a similar time interval final 12 months, 50.9 million direct depositors had already acquired their return, which averaged $3,019.
For extra, listed here are the dates you’ll want to know to get you thru this tax season. For extra on taxes, here is how one can set up an account on the IRS website and what to know about this year’s child tax credit.
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