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

As tax season kicks off in 2024, according to CNET, the IRS has already dispersed a significant amount of tax refunds to taxpayers, totaling $3.6 billion within the first week of filing. Despite a decrease in both the number of returns processed and refunds issued compared to the previous year, early statistics shed light on the current state of tax filings.

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

Tax Refunds 2024: Early Trends and Comparisons

By February 2nd, the IRS had processed 13.9 million federal income tax returns, down 16.9% from the same period in 2023, owing partly to the later start of the tax season this year.

Of the 15.3 million returns received, nearly all were filed electronically, with 4.8 million from tax preparers and 10 million from self-preparers, indicating a trend towards digital filing methods.

While the number of refunds issued stands at 2.6 million, down significantly from last year, the average refund size has also decreased by 28.9%, reflecting a shift in tax refund amounts for the 2024 tax season.

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Tax Refunds 2024:  Refund Details and Trends

Among those who received refunds, the majority opted for direct deposit, with 2.6 million taxpayers choosing this method. However, the average refund for direct deposit recipients has also seen a notable decrease compared to last year.

The decrease in the number and size of refunds issued this year may be attributed to various factors, including changes in tax laws, economic fluctuations, and differences in filing behavior.

READ ALSO: Seniors To See 5.2% Increase In Social Security Benefits: Relief Amid Rising Costs

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