Tax Season 2024: IRS Issued $13 Billion in Tax Refunds in the Second Filing Week

The 2024 tax season is just three weeks old, having kicked off on Jan. 29, and taxpayers are already getting refund money from the IRS. 

tax tips badge art

Taxpayers can normally expect to receive a refund within 21 days if they file electronically and choose direct deposit, the IRS said. But by Feb. 9, almost two weeks into tax filing season, the IRS had issued more than 7.4 million refunds. In comparison, the IRS had sent out over 13.3 million refunds by Feb. 10, 2023. Tax season last year started six days earlier, however, on Jan. 23, 2023, so the IRS had nearly a week longer to process tax returns and send refunds.

Here’s how the IRS is doing this year. For more on taxes, check out our essential 2024 tax filing cheat sheet, how to track your refund with the IRS and the best tax software for 2024.

How many tax returns has the IRS processed so far in 2024? 

As of Feb. 9, the IRS said it has processed 25.4 million federal income tax returns, down 4.4% from the 26.6 million it got through this time last year. With tax season starting earlier in 2023 — Jan. 23, 2023, vs Jan. 29, 2024 — tax filers had six more days last year to send in their tax returns.

The IRS had also received 25.5 million returns by Feb. 9, down 11.4% from the 28.8 million it received by Feb. 10, 2023.

Of the 25.5 million returns received so far, 24.9 million of those were filed electronically, the IRS said — 9.4 million from tax preparers and another 15.5 million from self-preparers.

How many tax refunds has the IRS issued so far? 

The IRS has issued more than 7.4 million refunds as of Feb. 9, down 43.9% from the 13.3 million it had sent out by Feb. 10, 2023. 

In the first two weeks of this tax year, the IRS refunded $13 billion — down 51.1% from the $26.6 billion sent out by Feb. 10 last year. However, as mentioned above, the 2023 tax season began six days earlier.

How do 2024’s tax refunds stack up to 2023’s so far?

The average refund size is also down 12.8%, from $1,997 for 2023’s tax season through Feb. 10, to $1,741 for this season through Feb. 9.

While the average refund size is down so far compared to the same time last year, the IRS told CNET the 2023 tax season started a week earlier so making year-to-date comparisons can be tricky. The IRS told CNET the 2024 tax season is off to a strong start, with all systems running well.

Of those who received refunds, 7.4 million chose direct deposit, and their refund was $1,831. In comparison, for the same time period last year, 12.1 million direct depositors had already received their return, which averaged $2,084.

For more, here are the dates you need to know to get you through this tax season. For more on taxes, here’s how to set up an account on the IRS website and what to know about this year’s child tax credit.

Source link

Leave a comment