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Tax Season 2024: IRS Issues $3.6 Billion in Refunds in First Week of Filing

(Photo from: Marca.com)

Tax Season 2024 is off to a brisk start, with the IRS already dispersing $3.6 billion in tax refunds within the initial week of filing. As of February 2nd, over 2.6 million taxpayers have received their refunds, marking a significant milestone in this year’s tax season.

 Tax Season 2024: IRS Issues $3.6 Billion in Refunds in First Week of Filing (Photo from: Marca.com)

Tax Refund Disbursements and Processing

In the first week of Tax Season 2024, the IRS has demonstrated efficiency by issuing over 2.6 million tax refunds, a notable decrease from the previous year’s figures. By this time in 2023, the IRS had distributed over 7.9 million refunds, showcasing a shift in processing speed and volume.

Despite an early start to the 2023 tax season, refund processing has been delayed due to a shorter filing window. Electronic filers with direct deposit should receive reimbursements within 21 days, emphasizing the need of early filing and fast processing.

This year’s tax returns have also seen a decline in submission numbers, with the IRS processing 13.9 million federal income tax returns as of February 2nd, a 16.9% decrease from the previous year. The shortened filing window and other factors may contribute to this decline, highlighting the need for timely submission and adherence to tax deadlines.

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

Refund Trends and Average Sizes

The average refund size for Tax Season 2024 has decreased by 28.9% compared to the same period in 2023, with refunds averaging $1,395 this year. This decline reflects changes in tax laws, economic factors, and individual tax circumstances, emphasizing the importance of understanding tax implications and maximizing deductions.

Direct deposit remains a popular choice for taxpayers, with 2.6 million opting for this method and receiving an average refund of $1,543. However, this marks a decrease from the previous year’s figures, indicating shifts in taxpayer preferences and refund distribution methods.

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

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