What is the average tax refund in 2024? The IRS is sending out smaller checks than last year
The IRS has finished receiving and processing majority of the tax returns in the US. However, refund distribution continues. How much is the average refund?
The Internal Revenue Service has finished receiving and processing tax returns for millions of taxpayers, as tax season ended in the U.S.
From January 19 to April 15, the agency was collecting income tax returns corresponding to fiscal year 2023. Some of those who did not manage to file their declaration on time were able to request an extension from the IRS. Through the extension, the IRS grants a six-month extension to carry out the procedure, moving the deadline to October 15. This deadline only applies to the filing of taxes, but not to their payment.
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The average tax refund in 2024
Regarding the payment of taxes, the figure is proportional to the fiscal situation of each taxpayer. However, a statistical report from the IRS indicates that for 2024, the average refund has fallen by around 25% to 28% in relation to the amount received the previous year.
The average IRS refund given in 2023 for tax year 2022, was $1,963 per taxpayer. For fiscal year 2023, the figure fell to an average of $1,395. Regarding refunds for direct deposits, the amount fell from $2,056 to $1,543. For more information, you can consult the statistical report on the official IRS website.
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When does the IRS refund arrive?
Although tax season has come to an end, the IRS has not finished issuing all refunds.
The government agency establishes a period of up to 21 business days, after processing your return, to send your tax refund, as long as you completed the process online and requested payment via direct deposit.
If you expect payment in a printed check via postal mail, the period will take anywhere from 6 to 12 weeks. All taxpayers can check the status of their refund through the official IRS tool, Where is my refund?