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Tax Season 2024: IRS Issues $3.6 Billion in Refunds Within First Week | Key Stats & Comparisons

Tax Season 2024: IRS Issues $3.6 Billion in Refunds Within First Week | Key Stats & Comparisons

Tax season 2024 is underway, and the IRS is already making moves. In just the first week of filing, they’ve given back a hefty $3.6 billion in tax refunds to over 2.6 million taxpayers. That’s a lot of money going back into people’s pockets in a short amount of time!

Tax Season 2024: IRS Issues $3.6 Billion in Refunds Within First Week | Key Stats & Comparisons

IRS Speeds Up Refunds in Tax Season 2024: 13.9 Million Returns Processed, Electronic Filing Prevails!

If you choose direct deposit and file your taxes electronically, you should typically get your refund in the mail in 21 days. However, the IRS appears to be operating more quickly this year. It’s amazing that by February 2nd, millions of refunds had been issued, especially since the tax season began on January 29th.

Comparing to last year, things are a bit different. By the same time in 2023, the IRS had issued over 7.9 million refunds. However, last year’s tax season began six days earlier, giving them more time to process returns. This year, they’ve processed around 13.9 million tax returns, which is actually down from last year, likely due to the later start.

Most people are filing electronically, with only a small percentage still doing it the old-fashioned way with paper forms. Of the returns received so far, only 409,000 were on paper. It’s clear that electronic filing is the preferred method for most taxpayers.

READ ALSO: Biden’s Student Loan Forgiveness: Who Might Qualify And How?

Average Return $1,395 vs. $1,963 in 2023 – Still a Relief for Taxpayers!

The size of refunds is also down compared to last year. On average, people are getting about $1,395 back this year, compared to $1,963 last year. That’s a noticeable difference! Even for those who opted for direct deposit, the average refund is lower this year.

Despite the smaller refunds, it’s still a relief for many to see that money coming back. Tax season can be stressful, but knowing that refunds are already on their way might ease some of that stress for taxpayers.

READ ALSO: Americans Eligible For $2,000 Tax Credit On Energy Star Heat Pump Water Heaters

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