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$13 Billion in Refunds During Second Filing Week
IRS Distributes $13 Billion in Refunds During Second Filing Week. (PHOTO: AdobePhotos)
Significant Decrease in Numbers and Average Size
The IRS has processed 25.4 million tax returns so far in the 2024 tax season, down 4.4% from last year due to the later start date. Of these, 24.9 million were filed electronically reflecting a continued preference for digital filing methods. The IRS has issued 7.4 million refunds as of February 9, marking a 43.9% decrease from the same period in 2023 according to CNET. The total refund amount of $13 billion is down 51.1% from last year, with the average refund size also decreasing by 12.8% to $1,741. Taxpayers are encouraged to utilize electronic filing and direct deposit options for faster processing of returns and refunds.
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Furthermore, the IRS emphasizes that comparisons between this year and last year may be skewed due to the earlier start date of the 2023 tax season. Despite economic challenges the IRS remains optimistic about the progress of the 2024 tax season and continues to provide guidance to taxpayers as they navigate their obligations.
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