The IRS has started to compare the figures from the 2023 and 2024 tax seasons. Nevertheless, they cannot be compared well because the filing window is not the same.
The 2023 tax returns could be filed from January 29, 2024, not like in 2023. Bear in mind that it started on January 23, 2023. Anyway, taxpayers can see that so far the average refund amount is $3,207.
A staggering amount and update. For your information, as of February 9, 2024, the average refund was just $1,741. Early tax refunds are lower because the IRS does not pay all EITCs or ACTCs until late February.
IS THIS YEAR’S TAX REFUND LOWER THAN IN 2023?
According to the IRS figures, tax refunds are about 2.1% higher than in 2023. Do not forget that last year’s tax refund was about $3,140. So there has been a great increase since the last update from the Internal Revenue Service.
The total amount of money the IRS has sent is worth $66.980 billion. In fact, this is about 23.2 percent less than in the 2023 tax season. Even if average tax refunds are higher.
The thing is, only 20,833,000 tax refunds have been paid. While this figure was much higher in 2023. Since the IRS had already processed 27,781,000 tax refunds in 2023.
THE IRS UPDATES DIRECT DEPOSIT REFUND AMOUNTS
As of February 16, the average direct deposit tax refund is worth $3,265. In fact, this is positive for taxpayers because direct deposits are 0.7% higher than in the previous year.
The Internal Revenue Service website seems to be very popular and millions of American taxpayers have used it. Actually, the web usage has increased by 8.7 percent in 2024.
If you have not filed your 2023 tax return yet, it is time to do your taxes and for free. The IRS Free File will allow you to do so. If you qualify, take advantage of this free service.
