As of February 9, 2024, less than three weeks into the 2024 tax season which commenced on January 29, taxpayers have begun receiving refund disbursements from the IRS.
Typically, taxpayers opting for electronic filing and direct deposit can anticipate receiving their refunds within 21 days, as stated by the IRS.
However, by February 9, the IRS had already issued more than 7.4 million refunds, indicating a brisk pace of distribution.
By comparison, by February 10, 2023, during the previous tax season which commenced six days earlier on January 23, 2023, the IRS had issued over 13.3 million refunds.
Consequently, with the earlier start date last year, the IRS had nearly a week more to process tax returns and disburse refunds.
IRS 2024 Tax Return Count Update
As of February 9, the IRS has reported processing 25.4 million federal income tax returns, representing a decrease of 4.4% from the 26.6 million processed during the same period last year.
With the tax season commencing earlier in 2023, starting on January 23, 2023, compared to January 29, 2024, tax filers had six additional days last year to submit their tax returns.
Furthermore, by February 9, the IRS had received a total of 25.5 million returns, marking an 11.4% decrease from the 28.8 million received by February 10, 2023.
Of the 25.5 million returns received thus far, the IRS indicated that 24.9 million were filed electronically, with 9.4 million filed through tax preparers and an additional 15.5 million filed by self-preparers.
Comparing 2024 and 2023 Tax Refunds
The average refund amount has also decreased by 12.8%, from $1,997 during the 2023 tax season up to February 10, to $1,741 for the current season up to February 9.
Out of those who received refunds, 7.4 million opted for direct deposit, with an average refund amount of $1,831.
By comparison, during the same period last year, 12.1 million individuals who chose direct deposit had already received their refunds, which averaged $2,084.
For additional information, below are the essential dates to guide you through this tax season. Furthermore, to learn more about taxes, here’s a guide on setting up an account on the IRS website and insights into this year’s child tax credit.