$13 Billion Dollars in Tax Refunds
$13 Billion Dollars in Tax Refunds. (PHOTO: Rajasthan BSc Nursing)
The IRS has been busy handling tax returns for 2024, with over 25 million already processed by February 9th according to CNET. That’s a bit less than this time last year likely because the tax season started a bit later.
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$13 Billion Dollars Tax Refunds in 2024: Significant Decrease Compared to Last Year
But when it comes to giving out tax refunds there’s been a big drop. By February 9th, the IRS had given out about 7.4 million refunds which is way less than last year. The total amount of money refunded is also down by more than half compared to last year and the average refund people are getting is smaller. So, if you’re waiting for a tax refund it might take longer this year. The IRS suggests choosing direct deposit for faster refunds.
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And if you need help with taxes, you can check out the IRS website for assistance.
