The 2024 tax season just started on Jan. 29, and the IRS is already sending out refund money to taxpayers. Normally, if you file your taxes online and choose direct deposit, you can expect your refund in about 21 days. As of Feb. 9, the IRS has already issued over 7.4 million refunds. Last year by Feb. 10, 2023, they had sent out more than 13.3 million refunds, but tax season began earlier then.
This year, tax season began six days later, so the IRS had less time to process returns and send refunds. If you want more information about taxes, you can check out our 2024 tax filing cheat sheet, learn how to track your refund with the IRS, and find the best tax software for 2024.
How many Tax Returns has the IRS Processed in 2024 So Far?
As of February 9, the IRS has processed 25.4 million federal income tax returns for 2024. This is a decrease of 4.4% compared to the same time last year when they processed 26.6 million returns. Last year, tax season began earlier, giving people six more days to file their taxes.
By February 9, 2023, the IRS had received 25.5 million returns, which is 11.4% more than this year. Out of the 25.5 million returns received so far in 2024, 24.9 million were filed electronically, with 9.4 million from tax preparers and 15.5 million from self-preparers.
As of February 9, the IRS has given out over 7.4 million refunds, which is 43.9% less than the 13.3 million refunds they gave out by February 10 last year.
In the first two weeks of this tax year, they refunded $13 billion, which is 51.1% less than the $26.6 billion they gave out by February 10 last year. However, remember that last year’s tax season started six days earlier.
Comparing 2024 Tax Refunds to 2023: What’s the Difference?
The average refund amount is also lower by 12.8%. Last year, by February 10, the average refund was $1,997, but this year, by February 9, it’s $1,741. Out of those who got refunds, 7.4 million chose direct deposit, and their average refund was $1,831. Last year, during the same time, 12.1 million direct deposit users got refunds, averaging $2,084.
Final Thoughts
Tax Season 2024 has been a bit different from last year. Even though the IRS has handled fewer tax returns and given out smaller refunds on average, people can still depend on getting their money back, especially if they use direct deposit.
Stay informed about any changes in how taxes are filed and to use tools to track refunds and file taxes well. As tax season goes on, it’s wise to stay alert and ready for any news from the IRS.
