The 2024 tax season is in full swing, with tax payers eagerly awaiting their refunds from the IRS. As of April 5, the IRS has issued over 66.7 million refunds, slightly behind the numbers for the same period in 2023. However, the agency is starting to catch up and even surpass last year’s numbers, despite the fact that tax season started six days later this year.
Taxpayers who file electronically and choose direct deposit can typically expect to receive their refund within 21 days. By April 5, the IRS had processed 100.1 million federal income tax returns, down slightly from the 100.3 million processed by the same time last year. Of the 101.8 million returns received, over 98.4 million were filed electronically.
In terms of refunds, the IRS has issued over $200.1 billion in the first 10 weeks of the tax year, up from the $198.9 billion issued by the same time last year. The average refund size is also up by 4.6%, from $2,878 in 2023 to $3,011 in 2024.
Of those who received refunds, 63.4 million chose direct deposit, with an average refund of $3,088. The IRS has stated that the 2024 tax season is off to a strong start, with all systems running smoothly.
For more information on taxes and refunds, taxpayers can visit the IRS website and check out the essential 2024 tax filing cheat sheet. Stay updated on the latest tax tips and news to navigate this tax season smoothly.