The IRS (Internal Revenue Service) received 54,030,000 tax returns as of March 1, 2024. So far, there have been fewer Americans who have filed their returns if compared to last year’s figures.
By now, the IRS has had time to process more than 53,231,000 tax returns. That is why millions of taxpayers have already enjoyed their tax refund direct deposit.
Most tax returns have been filed electronically. However, some Americans still prefer paper checks and paper returns. Besides, less than half of the taxpayers have hired a tax professional.
WHAT IS THE AVERAGE REFUND AMOUNT?
As of March 1, 2024, the average tax refund amount is worth $3,182 claimed the IRS. Apparently, that is about 5.1% higher than in the previous tax season in the USA.
March 1 was the last day when the IRS released statistics, so things may change after more taxpayers get their money. For your information, more than 35,369,000 Americans chose direct deposit refunds.
A whooping and staggering amount is the money that the Internal Revenue Service has sent to all eligible taxpayers. In fact, they have sent $114.740 billion in total through direct deposit.
ARE DIRECT DEPOSITS FROM THE IRS HIGHER IN 2024?
As a matter of fact, the average direct deposit refund amount is 4.1% higher than in 2023. That means those who have chosen direct deposit are receiving more money.
Actually, the average direct deposit is worth $3,244. Keep in mind that this amount is also higher than the average refund amount. It is $3,182 as stated before. Do not forget that the IRS has set the deadline to file and pay all the taxes you owe by April 17.
Some taxpayers may be eligible for a filing extension due to natural disasters like storms, wildfires and so on. If you do not have enough time to file, apply for an extension but you’d better pay the IRS before April 15.