The 2024 tax season is three weeks previous, having kicked off on Jan. 29, and the quantity of tax refund cash the IRS has despatched is selecting up, whereas the overall variety of refunds despatched up to now in 2024 is lagging the identical interval in 2023.
Taxpayers can usually count on to obtain a refund inside 21 days in the event that they file electronically and select direct deposit, the IRS mentioned. However by Feb. 16, three weeks into tax submitting season, the IRS had issued greater than 20.8 million refunds. By comparability, the IRS had despatched out over 27.7 million refunds by Feb. 17, 2023. Tax season final yr 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.
Here is how the IRS is doing this yr. For extra on taxes, try our important 2024 tax submitting cheat sheet, learn how to monitor your refund with the IRS and the finest tax software program for 2024.
What number of tax returns has the IRS processed up to now in 2024?
As of Feb. 16, the IRS mentioned it had processed 34.5 million federal earnings tax returns, down by 6% from the 36.7 million it obtained 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 acquired 34.7 million returns by Feb. 16, down simply 5.7% from the 36.8 million it acquired by Feb. 17, 2023.
Of the 34.5 million returns acquired up to now, simply over 34 million of these had been filed electronically, the IRS mentioned — 14.1 million from tax preparers and one other 19.9 million from self-preparers.
What number of tax refunds has the IRS issued up to now?
The IRS has issued greater than 20.8 million refunds as of Feb. 16, down by 24.8% from the 27.7 million it had despatched out by Feb. 17, 2023.
This week, the IRS included a observe that mentioned whole refunds issued characterize returns acquired and processed in 2024. An IRS consultant instructed CNET that the variety of direct deposit refunds might embody prior yr returns that had been processed on this calendar yr.
Within the first three weeks of this tax yr, the IRS refunded $66.9 billion — down by 23.3% from the $87.2 billion despatched out by Feb. 17 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 common refund dimension is up by 2.1%, from $3,140 for 2023’s tax season by way of Feb. 17, to $3,207 for this season by way of Feb. 16.
Whereas the typical refund dimension is up up to now in comparison with the identical time final yr, the IRS instructed CNET that making year-to-date comparisons could be difficult due to how a lot earlier it began final yr. The company did say the 2024 tax season is off to a powerful begin, with all methods working nicely.
Of those that acquired refunds, 20.5 million selected direct deposit, and their refund was $3,265. By comparability, for a similar time interval final yr, 26.3 million direct depositors had already acquired their return, which averaged $3,241.
For extra, listed below are the dates it is advisable to know to get you thru this tax season. For extra on taxes, here is learn how to arrange an account on the IRS web site and what to find out about this yr’s baby tax credit score.