2024 tax season: IRS issues $3.6 billion in refunds in first week of filing

We're less than two weeks into the 2024 tax season, which began on January 29, but taxpayers are already starting to receive their tax refunds from the IRS.

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The agency said taxpayers who file electronically and choose direct deposit can generally expect to receive their refund within 21 days. But by last Friday, February 2, just five days into tax filing season, the IRS had already issued 2.6 million refunds. In contrast, the IRS said that by February 3, 2023, he had sent out more than 7.9 million refunds. However, last year's tax season began on January 23, 2023, six days earlier. As a result, the IRS took nearly a week longer to process his tax return. Send a refund.

This story is part of 2024 taxesCNET covers the best tax software, tax tips, and everything else you need to file your return and track your refund.

Here's what the IRS is up to this year: For more information about taxes, please see important information. 2024 Tax Return Cheat Sheet and The best tax software for 2024.

How many tax returns have been processed through 2024?

The IRS said it had processed 13.9 million federal income tax returns as of Feb. 2, a 16.9% decrease from the 16.7 million it processed at this time last year. Taxpayers had six extra days to file their tax returns last year, as the 2023 tax season started early, running from January 23, 2023 to January 29, 2024.

Additionally, the IRS received 15.3 million returns by February 2, a decrease of 19.1% compared to the 18.8 million received by February 3, 2023.

Of the 15.3 million returns received to date, all but 409,000 were filed electronically, with 4.8 million filed by taxpayers and an additional 10 million self-filed, according to the IRS. It was submitted by someone.

How many tax refunds have been issued so far?

The IRS issued 2.6 million refunds as of February 2, a 67.3% decrease from the 7.9 million refunds it had issued through February 3, 2023.

In the first week of this tax year, the IRS issued $3.6 billion in refunds, a 76.8% decrease compared to the $15.6 billion refunded by the same date last year. However, as mentioned above, the 2023 tax season started six days earlier on his January 23rd.

How will the tax refund amount in 2024 compare to the previous year in 2023?

The average refund amount also decreased by 28.9%, from $1,963 for the 2023 tax season ending Feb. 3 to $1,395 so far this season.

Of those who received a refund, 2.6 million chose direct deposit, resulting in a refund amount of $1,543. By contrast, during the same period last year, 6.9 million direct depositors had already received a return, which averaged $2,056.

For more information, here are the dates you need to know to survive this tax season. For more information about taxes, see how to set up an account on the IRS website and what to note about this year's child tax credit.

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