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Tax Season 2024: IRS Issues $3.6 Billion in Refunds in First Week – What You Need to Know!

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Taxpayers in 2024 are already getting their tax refunds from the IRS, just days after the start of the tax season on January 29. By February 2, more than 2.6 million people received their refunds, totaling $3.6 billion. Normally, if you file electronically and choose direct deposit, you can expect your refund in about 21 days. Last year, by February 3, over 7.9 million refunds were issued, but the tax season began six days earlier, giving the IRS more time to process returns.

Tax Season 2024: IRS Issues $3.6 Billion in Refunds in First Week – What You Need to Know!

Tax Season 2024: IRS Processes 13.9 Million Returns, Refunds Drop 67.3% – What You Need to Know!

So far in 2024, the IRS has processed 13.9 million federal income tax returns, which is 16.9% lower than this time last year. By February 2, they had received 15.3 million returns, a decrease of 19.1% compared to 2023. Most returns, except 409,000, were filed electronically, with 4.8 million from tax preparers and 10 million from self-preparers.

Regarding refunds, the IRS has issued 2.6 million so far, a 67.3% decrease from last year’s 7.9 million by the same date. The total refunded amount in the first week of 2024 was $3.6 billion, showing a significant drop of 76.8% from last year. However, it’s important to note that the 2023 tax season started six days earlier, impacting the comparison.

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Tax Season 2024: Average Refunds Drop 28.9% – Tips to Navigate IRS Changes!

The average refund size for 2024 is down by 28.9%, from $1,963 to $1,395 compared to last year through February 3. Among those receiving refunds, 2.6 million chose direct deposit, with an average refund of $1,543. This is notably lower than last year’s average of $2,056 for the same period, where 6.9 million had already received their direct deposit refunds.

In light of these tendencies, taxpayers navigating this year’s tax season may better manage their expectations and make appropriate financial plans. Maintaining current with IRS notifications and deadlines is essential to a seamless filing process.

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