The IRS processed 4.4% fewer tax returns by February 9 compared to last year
IRS Issued Out $13 Billion in Refunds in Second Week of 2024. (PHOTO: KTLA)
Decrease in Refunds
In the 2024 tax season the IRS has processed fewer tax returns and given out fewer refunds than last year according to the article of CNET. By February 9, they had processed 25.4 million tax returns which is 4.4% less than last year. They also issued over 7.4 million refunds by that date, down 43.9% from the same time last year.
READ ALSO: Residents In Oregon Could Receive $5,000; Another $13,000 Will Hit Their Bank Accounts
Average Refund Amount Drops in 2024
The average refund amount this year is $1,741 which is lower than last year’s average of $1,997 by February 9 according to CNBC. It’s a bit tricky to compare because last year’s tax season started a week earlier. Out of those who got refunds, 7.4 million chose direct deposit and they got an average refund of $1,831. Last year by this time 12.1 million people had chosen direct deposit getting an average refund of $2,084.
READ ALSO: $500 Emergency Payment Will Be Sent To Residents In Connecticut, Are You Qualified?
Furthermore, people who can get tax refunds are usually those who paid more taxes than they owe. This can happen if they had too much money taken from their paychecks or if they qualify for certain tax credits or deductions. To find out if they can get a refund people should check their situation and talk to someone who knows about taxes.
