Millions of Americans have already filed 90,315,000 tax returns in 2024. At least, that is the figure that the IRS claimed. More than 10 million returns have not been processed, but they may not take long if everything is fine.
What is more, the IRS claims that the total amount of money refunded is $185.641 billion. That is more money than in the previous tax season in 2023, which is great for taxpayers.
IRS UNVEILED THE AVERAGE REFUND AMOUNT
While the average refund amount was worth $2,910 in 2023, it is now worth $3,050. That means taxpayers may receive about 140 dollars more during the 2024 tax season.
The thing is taxpayers can only file until April 15, unless they apply for a filing extension said the IRS. In this case, they will be able to file until October 15, 2024. There are some exceptions though.
If you live in Massachusetts and Maine, you will have until April 17 to file and pay your taxes. Even if you get a filing extension, you must pay your taxes before April 15.
IRS SAYS AVERAGE DIRECT DEPOSIT REFUNDS ARE HIGHER
Another important piece of information is the fact that direct deposit refunds are about 5.3% higher. While the full amount refunded with direct deposit was $180.748 billion this time last year, it is now about $181.607 billion.
This year’s average direct deposit refund is worth $3,124. Getting 5.3% will be awesome because many taxpayers are suffering inflation and exorbitant prices in the USA. Do not forget that the IRS says that last year’s average direct deposit refund amount was $2,970.
Therefore, taxpayers receive about $154 extra on average in 2024. It is of vital importance that you make sure if you qualify for any credit. In this way, you will get more money. Once more, make sure you pay all the taxes due to the IRS before April 15, otherwise, you may have to pay unpleasant penalties.