The 2024 tax season is simply three weeks previous, having kicked off on Jan. 29, and taxpayers are already getting refund cash from the IRS.
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. 9, nearly two weeks into tax submitting season, the IRS had issued greater than 7.4 million refunds. Compared, the IRS had despatched out over 13.3 million refunds by Feb. 10, 2023. Tax season final yr began six days earlier, nevertheless, on Jan. 23, 2023, so the IRS had almost per week longer to course of tax returns and ship refunds.
Here is how the IRS is doing this yr. For extra on taxes, take a look at our important 2024 tax submitting cheat sheet, methods to monitor your refund with the IRS and the very best tax software program for 2024.
What number of tax returns has the IRS processed to this point in 2024?
As of Feb. 9, the IRS mentioned it has processed 25.4 million federal revenue tax returns, down 4.4% from the 26.6 million it bought by way of this time final yr. With tax season beginning earlier in 2023 — Jan. 23, 2023, vs Jan. 29, 2024 — tax filers had six extra days final yr to ship of their tax returns.
The IRS had additionally obtained 25.5 million returns by Feb. 9, down 11.4% from the 28.8 million it obtained by Feb. 10, 2023.
Of the 25.5 million returns obtained to this point, 24.9 million of these have been filed electronically, the IRS mentioned — 9.4 million from tax preparers and one other 15.5 million from self-preparers.
What number of tax refunds has the IRS issued to this point?
The IRS has issued greater than 7.4 million refunds as of Feb. 9, down 43.9% from the 13.3 million it had despatched out by Feb. 10, 2023.
Within the first two weeks of this tax yr, the IRS refunded $13 billion — down 51.1% from the $26.6 billion despatched out by Feb. 10 final yr. Nonetheless, as talked about above, 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 can be down 12.8%, from $1,997 for 2023’s tax season by way of Feb. 10, to $1,741 for this season by way of Feb. 9.
Whereas the common refund measurement is down to this point in comparison with the identical time final yr, the IRS advised CNET the 2023 tax season began per week earlier so making year-to-date comparisons will be difficult. The IRS advised CNET the 2024 tax season is off to a robust begin, with all methods operating nicely.
Of those that obtained refunds, 7.4 million selected direct deposit, and their refund was $1,831. Compared, for a similar time interval final yr, 12.1 million direct depositors had already obtained their return, which averaged $2,084.
For extra, listed here are the dates you should know to get you thru this tax season. For extra on taxes, here is methods to arrange an account on the IRS web site and what to learn about this yr’s little one tax credit score.
