How much is the average refund in 2024?
The IRS weekly filing statistics show that the average refund being distributed by the agency is larger than those sent this time last year.
Early this week, the US Internal Revenue Service reported that the average refund distributed this tax season was $3,209, a 4.4 percent increase over those paid by the tax authority in 2023. With just under a month for filers to submit their federal returns, the IRS data shows that the country is slightly behind last year’s figures. By 10 March 2023, the IRS had received 63.4 million returns and processed 63.1 million. This year, by 8 March, 62.7 million returns had been received, and 61.8 million had been processed.
Comparing 2023 and 2024 refund sizes
The IRS provides two data points on refund size. The first considers all refunds, while the other only includes those that were distributed via direct deposit.
So far, those who have filed are seeing an average refund of $3,145, a 5.8 percent bump over the $2,972 checks sent last year. However, when looking only at refunds sent through direct deposit, the average check is $3,209, compared to $3,074 distributed in 2023.
For those who have yet to file and live in one of the following states, you can use the IRS’ new filing software, Direct File, for free to submit your return. The IRS is piloting the software this year and could make it available nationally next year.
Taxpayers in 12 states may have a new opportunity to e-file their taxes for free – now directly with the #IRS. https://t.co/DIQO4ExH9R pic.twitter.com/WkRYQaozfK
— IRSnews (@IRSnews) March 13, 2024
Tracking your refund
Curious about when you will receive your tax refund? The IRS has said that those who file electronically and provide direct deposit information should receive their return within twenty-one days of filing (so long as there are no errors in the return). To track the status of your refund, you can use the “Where’s My Refund” tool.
Does this tax season have you wondering, “Dude, where’s my refund?” Visit https://t.co/jCBEZFMDqH for any updates to your refund. Remember, the #IRS updates the tool once a day - usually overnight - so there’s no need to check more often than that. pic.twitter.com/pmF5SxbslD
— IRSnews (@IRSnews) March 9, 2024
When are taxes due?
Filers have until Monday, 15 April, to submit their federal tax return. Certain geographies where residents live in zones impacted by natural disasters can receive an automatic extension to their filing status. All filers who push back the filing deadline to 15 October can request a free extension. Those who request one should be aware that the extension relates to the return, not to any taxes owed to the IRS.
Complete your personal details to comment
Your opinion will be published with first and last names