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Early Bird Gets the Refund: IRS Disburses $3.6 Billion in Tax Refunds in Record First Week of Filing Season 2024!

2024 Tax Season with Millions of Refunds

15.3 million were filed online shows the trend toward digital tax filing. (PHOTO: USA Today)

The IRS has processed many returns and issued millions of refunds so far in 2024 signaling a strong start according to CNET. As of February 2, the IRS has processed over 13.9 million federal income tax returns decreases to 16.9% from previous year. This drop is due to the later start of tax season on January 29, 2024, compared to January 23, 2023. The bulk of returns amounting 15.3 million were filed online shows the trend toward digital tax filing.

READ ALSO: Federal Retirees Pension Increase 2024: Social Security Boost For Americans 62 And Older

Reduced 2024 tax refunds indicate changed dynamics

The IRS has granted 2.6 million refunds to individuals despite processing fewer returns giving much-needed financial relief. This amount is down 67.3% from previous year shows the changed tax season dynamics. The first week of the 2024 tax season saw $3.6 billion reimbursed down 76.8% from the year before. The average refund size has also reduced by 28.9%, from $1,963 in 2023 to $1,395 this year suggests tax liability and financial changes.

READ ALSO: Biden Student Loan Relief: Grants And Programs Alleviating Student Debt Burden

Taxpayers Should Be Informed and Active in 2024

Despite these improvements taxpayers should be proactive and knowledgeable during tax season. The IRS processes returns quickly and issues refunds so taxpayers should file their taxes early to assure timely processing and refunds. To simplify 2024 tax filing each person should use internet tools and tax software.

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