When the IRS revealed the first statistics regarding the 2024 tax season, the average tax refund was worth about $1,395. Bear in mind that they were not so high because those who receive the Child Tax Credit need to wait longer to receive their payments.
As of March 15, the average tax refund was worth $3,109. As you can see, the average refund was more than double the first amount released. The latest figures are not that bad, but they are not good either.
LATEST IRS AVERAGE TAX REFUND PAYMENT
As of April 26, 2024, the average refund amount was $2,852. Therefore, it is not as high as it used to be in the previous weeks. Still, there is some positive news since it is about 2.7% higher than in 2023.
That means taxpayers are receiving more money than in the previous tax season. But the figures the Internal Revenue Service has provided Americans are not over. In fact, the total amount of money refunded is worth $260.562 billion.
Once more, the IRS has spent more money than in 2023 to pay refunds. Even if it is just 2.2% higher than in 2023, it will be beneficial for those taxpayers who are in debt or are running out of money due to soaring prices and higher mortgage interest rates.
IRS UNVEILS THE AVERAGE DIRECT DEPOSITS
Luckily, the IRS is sending more money to those who get a direct deposit. This amount has gone up by only 0.8% and a total amount worth $249.308 billion. In fact it was about $247.208 billion in 2023.
The average direct deposit is worth $2,945, up from $2,849. As a matter of fact, it is 3.4% more than in the previous tax season. For your information about 141,363,000 have already filed their 2023 tax returns.
The IRS has only had time to sort out about 138,356,000. More taxpayers seem to be keen to file electronically since the figure has increased by almost 2%. Tax professionals also had more petitions than in 2023, about 1.2% more.
