IRS Reports Increased Average Tax Refunds for 2024
Impact of Inflation Reduction Act on Tax Refunds and IRS Operations
According to Austin American Statesman, Americans who filed their taxes on Monday will likely get more money back this year. The IRS says the average refund will be $3,011 which is $123 more than last year. About two out of three taxpayers will get a refund this year. By Monday evening around 101 million Americans had already filed their taxes.
This increase in refunds is because of the Inflation Reduction Act. It gave the IRS $80 billion more to help improve service and collect more taxes. Even though they have more money there’s still a big gap between what Americans owe and what they pay in taxes. The IRS has already given out over $200 billion in refunds by early April. With the extra funding, some Americans might get their refunds in just over a week. If you filed your taxes online for 2023 you might get your refund in about a day. But if you filed for 2021 or 2022 it might take three or four days. If you mailed in your taxes it could take about four weeks to get your refund. You can check where your refund is using the “Where’s My Refund?” tool.
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$3,011 IRS Average Prediction Refund in 2024: A Big News for Taxpayers – Thanks to Inflation Reduction Act Funding Boost! (PHOTO: NBC Connecticut)
Impact of the Inflation Reduction Act
Furthermore, as Americans wait for their refunds the Inflation Reduction Act shows a big effort to make the IRS better and get refunds out faster. Even though there’s still a big gap between what’s owed and what’s paid in taxes about $625 billion the IRS got an extra $80 billion to help. This helped them give out over $200 billion in refunds by early April. With this extra money, some Americans might get their refunds in just over a week. Especially if you filed your taxes online for 2023 you could get your refund in about a day. This is a good step in making the IRS work better for everyone.
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