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The 2024 tax season is a month outdated now, having kicked off on Jan. 29, and the quantity of tax refund cash the IRS has despatched is choosing up, regardless that the entire variety of refunds despatched to date in 2024 is lagging the identical 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 mentioned. However by Feb. 23, 4 weeks into tax submitting season, the IRS had issued greater than 28.9 million refunds. By comparability, the IRS had despatched out over 35.1 million refunds by Feb. 24, 2023. Tax season final yr began six days earlier, nonetheless, on Jan. 23, so the IRS had almost per week longer to obtain and course of tax returns and ship refunds.
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 to date in 2024?
As of Feb. 23, the IRS mentioned it had processed 44 million federal earnings tax returns, down by 3.6% from the 45.7 million it bought by way 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 obtained 44.5 million returns by Feb. 23, down solely 3% from the 45.9 million it obtained by Feb. 17, 2023.
Of the 44.5 million returns obtained to date, simply over 43.5 million of these had been filed electronically, the IRS mentioned — 19.2 million from skilled tax preparers and one other 24.3 million from self-preparers.
What number of tax refunds has the IRS issued to date?
The IRS has issued greater than 28.9 million refunds as of Feb. 23, down by 17.6% from the 35.1 million it had despatched out by Feb. 24, 2023.
Within the first three weeks of this tax yr, the IRS refunded over $92.9 billion — down by 14.1% from the $108.2 billion despatched out by Feb. 24 final yr. Once more, the 2023 tax season started six days earlier.
How do 2024’s tax refunds stack as much as 2023’s to date?
The typical refund dimension is up by 4.3%, from $3,079 for 2023’s tax season by way of Feb. 24, to $3,213 for this season by way of Feb. 23.
And the typical tax refund quantity has grown 130% because the begin of the 2024 tax season. The typical tax refund for the week ending Feb. 2 was $1,395.
Whereas final week’s refund dimension did barely improve, it is also necessary to know that 2023’s refund numbers had been down this time final yr, contributing to the 4.3% improve we’re seeing this week.
Whereas the typical refund dimension is up to date in comparison with the identical time final yr, the IRS advised 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 properly.
Of those that obtained refunds, 28.3 million selected direct deposit, and their refund was $3,272. By comparability, for a similar time interval final yr, 33.3 million direct depositors had already obtained their return, which averaged $3,170.
For extra, listed here are the dates you could know to get you thru this tax season. For extra on taxes, here is the 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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