The IRS has sent some American citizens the money they were due for their 2023 tax return. Some are already filing their 2025 taxes, while others are spending the cash.
Undoubtedly, there are significant occasions to commemorate, such as Thanksgiving or Christmas, as well as shopping days, such as Black Friday.
According to IRS confirmation, the average tax refund has increased from $2,977 to $3,004. The 0.9% hike is hardly much, and it is much lower than the COLA for 2023, 2024, or 2025.
What is the average direct deposit for tax refunds according to the IRS?
As of October 18, the average direct deposit tax refund is $3,092. Actually, this represents a 2% increase over the previous year. Direct deposits continue to increase as compared to the average return amount.
Recall that in 2023, the typical direct deposit reimbursement was $3,030. That will cost sixty-two dollars more in 2024. As a result, there is a significant rise that benefits taxpayers.
Additionally, the IRS has verified that 2024 will see an increase in the number of taxpayers. The figure has increased to 161,489,000 from 160,071,000. As a result, it appears that the overall number of returns has changed by roughly 0.9%.
How many refunds has the IRS sent?
Despite 161,489,000 products being returned, just 103,185,000 refunds have been issued. Previously, it was 103,791,000. Put differently, it indicates that fewer reimbursements have been issued.
In 2024, Americans received fewer refunds than they did in 2023. That is roughly 0.6% less than it was previously. In total, the IRS has sent $309.929 billion. a substantial sum that will benefit American taxpayers.
It’s possible that some Americans have yet to file their 2023 taxes. Do it now, before the penalties and interest rates go up and make your finances even less stable. Check to see if you can still get a good reason for filing late, like a natural disaster.
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