The 2024 tax season is nearing its end, with just over one week left until the April 15 filing deadline. The IRS has been sending out tax refunds, although the total number of refunds issued so far in 2024 is slightly behind the numbers for the same period in 2023. Taxpayers who file electronically and choose direct deposit can expect to receive their refund within 21 days. As of March 29, the IRS had issued over 60.8 million refunds, compared to over 62.9 million refunds by the same time in 2023.
Tax season in 2024 started later than in 2023, giving the IRS less time to receive and process tax returns and issue refunds. However, the agency has been catching up and even surpassing last year’s numbers. By March 29, the IRS had processed 88.8 million federal income tax returns, down by 1% from the previous year. Of the 90.3 million returns received, over 87.3 million were filed electronically, with 46.3 million from professional tax preparers and 41 million from self-preparers.
The IRS has issued more than 60.8 million refunds so far in 2024, down by 3.3% from the number issued by the same time in 2023. The total amount refunded in the first eight weeks of the tax year was over $185.6 billion, up by 1.4% from the previous year. The average refund size has increased by 4.8%, from $2,910 in 2023 to $3,050 in 2024. Of those who received refunds, 58.1 million chose direct deposit, with an average refund of $3,124, compared to $2,970 for the same time period in 2023.
The IRS received a total of 90.3 million returns by March 29, up slightly from the number received by the same time in 2023. Of these returns, the majority were filed electronically, with both professional tax preparers and self-preparers contributing to the numbers. The IRS stated that the 2024 tax season is off to a strong start, with all systems running smoothly. While the average refund size has increased compared to the previous year, the agency cautioned that making year-to-date comparisons can be challenging due to the earlier start of the tax season in 2023.
Overall, the IRS is making progress in processing tax returns and issuing refunds for the 2024 tax season. Despite starting later than in 2023, the agency has been able to keep up and even exceed last year’s numbers in some areas. Taxpayers who filed electronically and chose direct deposit are expected to receive their refunds within 21 days. The average refund size has increased compared to the same period in 2023, with an uptick in the total amount refunded as well. As the tax season winds down, filers are encouraged to stay updated on important dates and information to ensure a smooth filing process.
