American taxpayers who have filed early may have received their 2023 tax refund if they meet all the requirements. To get a fast payment, the IRS claims you must file online and request direct deposit.
Of course, it is only possible to receive the money in less than 21 days if you complete an accurate tax return. Tax refunds may be received by February 27 if you claimed the EITC or the ACTC.
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The IRS claims that the average tax refund amount is $1,741. Comparing it to the 2023 tax refunds may not be a good idea though. The dates are not exactly the same and it may be misleading.
WHAT WAS THE AVERAGE REFUND ON FEBRUARY 10 2023?
The average tax refund payment was $1,997 on February 10, 2023. However, last year’s tax season started on January 23, not on January 29. That is why the figures may be much lower.
For your information, the IRS has spent more than $13.581 billion on direct deposits. That is a lot less than in 2023. Apparently, that is about 46.5% lower if compared to last year’s figures.
In total, more than 25,553,000 had already filed their tax returns by February 9, 2024. Only 7,483,000 taxpayers had been lucky enough to receive their money from the IRS.
THE IRS REVEALS THE AVERAGE DIRECT DEPOSIT REFUND AMOUNT
Depending on your personal situation, you may receive a lower or hight tax refund. The IRS said that the average direct deposit tax refund amount is worth $1,831.
Keep in mind that it was $2,084 back in 2023. Therefore, the average direct deposit refund amount is about 12.1% lower than last year’s amount. Let’s see what happens in the next weeks.
Although it is true that the IRS has processed fewer tax returns, taxpayers fear the may be lower. Hopefully, the ACTC and the EITC help Americans increase their tax refunds.