Millions of Americans long for a large tax refund check from the IRS in 2024. However, this may not be as good as it seems. Some even believe that it is a windfall. but it could be deceiving.
Receiving a large tax refund is definitely better than having to pay more taxes to the IRS. Nevertheless, you are simply overpaying. By doing so, you are giving an interest-free loan to the Internal Revenue Service. Therefore, it is best to adjust your tax withholding. Having that extra money will be advantageous.
WHAT IS THE IRS AVERAGE TAX REFUND IN 2024?
As of April 12, 2024, the average refund amount is worth about $2,948. In fact, it is about 3.8% more than in the 2023 tax season. That means many taxpayers have not adjusted properly their tax withholding.
On April 14, 2023, the average refund amount was $2,840 approximately. Even if refunds seem to be higher, there have been a smaller number of refunds, about 74,685,000 in 2024 and 75,824,000 in 2023.
That is about 1.5% less than in the previous tax season claims the IRS. Most taxpayers request direct deposits. In fact, it is the safest, fastest, and most comfortable way to get your money.
WHAT IS THE IRS AVERAGE DIRECT DEPOSIT REFUND AMOUNT?
Those who qualify for a refund get an average direct deposit of about $3,031. Actually, direct deposit refunds are much higher than in 2023. They have gone up by 4.4%
Last year’s direct deposit was about $2,902. The IRS has spent more than $213.287 billion in direct deposit refunds. This figure is slightly higher than in 2023, about 0.5%.
If you have not received your tax refund yet in 2024, it should arrive within 21 days after filing. Sometimes it is even faster, but that is when there are no mistakes and there are not too many refunds to deal with. Make use of the IRS tool “Where’s my refund?” to see its status.
