IRS Tax Filing Season 2024:$13 Billion in Tax Refunds in the Second Week of Filing

As per the IRS the IRS, taxpayers can anticipate receiving a refund in 21 days if they file electronically and opt for direct payment. However, as of the 9th of February, just two weeks into the tax-filing season, The IRS was able to issue more than 7.4 million in refunds.

As a comparison, the IRS was able to issue more than 13.3 million refunds by February 10, 2023. However, last year’s tax year began just six days earlier, beginning on the 23rd day of January 2023. That gave the IRS nearly a full week to complete tax returns and issue refunds.

This article is one of our Taxes 2024 CNET’s reviews covering the most effective tools for filing taxes, tax-related tips as well as all the other information you require for filing your tax returns and monitoring the amount of your tax refund.

What is the IRS will be doing in the coming year? For more details on tax returns, read our Cheat sheet for the 2024 tax return, which will keep track of your refund to the IRS and the best tax software to use in 2024.

Aspect Details
Tax season Year2024
Refund Amount Issued$13 billion
TimeframeSecond Week of Filing
Issuing AuthorityInternal Revenue Service (IRS)
SignificanceEarly indication of tax refund disbursement
Comparison with Previous YearsPotential comparison with refund issuance in prior years
Taxpayer ImpactPositive impact on taxpayers’ finances
ImplicationsPotential boost to consumer spending and economic activity
Considerations for TaxpayersEncouragement to file taxes promptly to expedite refunds
Potential Reasons for Early IssuanceEfficient processing by the IRS, simplified tax filing processes
Further Information SourcesIRS official announcements, tax filing guidelines
Cautionary NotesBeware of potential scams or fraudulent refund claims
Future ExpectationsAnticipation of continued refund issuance in subsequent weeks
Web Portalhttps://www.irs.gov/

How many tax returns have been processed by the IRS in 2024 so far?

On February 9 this year, as of February 9, the IRS had processed 25.4 million federal tax returns on income in 2024. The figure is down 4.4 per cent compared to the same period last year in which they handled 26.6 million tax returns. This year, tax time started earlier and allowed taxpayers to complete their tax returns.

IRS Tax Filing Season 2024

In February of 2023, the IRS had already received 25.5 million tax returns. That is 11.4 per cent more than this year. From the 25.5 million tax returns filed, so through 2024, 24.9 million were electronically filed. The remainder came from 9.4 million filed by tax preparers and 15.5 million filed by self-preparers.

On February 9, as of February 9, the IRS gave out more than 7.4 million refunds. This is 43.9 per cent less than the 13.3 million refunds it handed to taxpayers by the end of February of the previous year.

At the beginning of the tax year, the government refunded $13 billion. That is 51.1 per cent less than the $26.6 billion they paid out in February of last year. Remember the fact that tax season last year began six days before.

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How many tax refunds has the IRS given out to date?

The IRS has distributed over 7.4 million refunds since February. 9. That is down 43.9 per cent from the 13.3 million that it sent out before February. 10, 2023.

For the initial two weeks of this tax year, The IRS paid out $13 billion, which is down 51.1 per cent from the $26.6 billion that was refunded before February. 10, last year. As mentioned previously, the tax season for 2023 started six days earlier.

How will 2024’s tax refunds match 2023’s tax refunds to date?

The size of the average tax refund has also dropped 12.8 per cent, between $1,997 during the tax year 2023 through February. 10, and $1,741 this year through February. 9.

The average size of the refund has been reduced compared with the same period this year. However, the IRS has told CNET that tax season 2023 was a week earlier than usual, which means the year-to-date comparisons are challenging. The IRS has told CNET that the tax season for 2024 has gotten off to a great beginning, with all systems working smoothly.

For those who were able to receive the refunds, 7.4 million opted for direct deposit. The amount they received was $1,831. For comparison, during the same period in the previous year, 12.1 million depositors who chose direct deposits already received their $2,084 refund.

To learn more, here are the important dates to be aware of to stay on top of the tax year. To learn more about taxes, you can follow this guide to setting up a tax account through the IRS website and what you should learn about this year’s children’s tax credit.

What can I do to track the progress of my tax refund in 2024?

The easiest way to keep track of the status of your tax refund is to use the IRS”Where is My Refund? Tracker site, which will inform you when your tax return was rejected because of a mistake.

To use the IRS tracker tool, you will have to supply the IRS with your Social Security number or Individual Taxpayer Identification Number (IDN), your file status (single married, the head of your household), and the amount of your refund in dollars total.

Click on the Get Refund Status on the IRS site, fill in your details, and then click submit.

If you are not able to access an account that displays the status of your refund, You may be prompted to check your personal tax information and try it again. If the data appears right, then you will have to input the date that you last filed your tax return, as well as the method of filing, whether online or by paper.

Be sure to wait at least 24 hours before you begin tracking your online return. You can track it for up to 4 weeks if you send your return.

What is the best way to keep track of a refund that I received in the past year?

This Where is My Refund tool lists federal refund data that the IRS has for the last two years. If you are seeking information on your return from prior years, it is best to look up the details of your IRS Online Account.

In the next section, you will be able to check the total amount that you are owed, your tax payment record, the most important information regarding your tax return, any notices that you have received from the IRS, and the address you have in your tax file.

UtiliSe the IRS2Go mobile app to monitor your return

The IRS also offers an app for mobile devices called IRS2Go, which can track your refund status. It is accessible for iOS as well as Android and is available in English as well as Spanish.

You can check whether your refund has been accepted and approved within the app and also the refund amount has been made.

To log into the system, you will require your Social Security number, filing status, and the estimated amount of your tax refund. The IRS changes the application overnight, and if there is no update, make sure to check on the next day.

Significance of the tax returns?

This IRS tool will display one of three informational messages that will explain the tax status for your return.

  • Received: the IRS is now holding your tax return and is attempting to process it.
  • Approved: The IRS has processed your tax return and verified the amount of the refund If you are due one.
  • The refund has been sent. It is in the process of getting to your bank either via direct deposit or in the form of an enveloped check to your address. (Here is how to change your bank’s address when you have moved.)

What is the reason ‘Where is My Tax Refund’ displays the tax topic ‘Tax Topic 152’ or even an IRS error message?

The Where is My Refund tool generally displays the status as Received and Approved. There are many different messages users might receive.

One of the most popular of them is Tax Topic 152, indicating that you are likely to receive a tax refund, but the amount has not yet been approved or sent out. This notice links to a topical page on the IRS FAQ website, where you can learn more about the various types and times of tax refunds.

This could be an automated notification for taxpayers who claim the child tax credit or the earned income tax credit that is issued by fraud prevention actions.

Tax Topic 151 signifies that your tax return is currently subject to review with the IRS. The IRS may need to confirm certain credit amounts as well as dependents or decide that your tax refund should be reduced to cover the amount that it thinks you are owed. It will take about four weeks for an official notice from the IRS detailing what you have to do to determine your situation.

Other IRS refund codes that only a tiny percentage of tax filers get indicate frozen accounts, math mistakes in tax returns, or undeliverable refund checks. College Investor provides College Investor offers a list of IRS refund reference codes, as well as error codes and their significance.

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Do I need to contact the IRS to inquire about my tax refund?

Live phone support is notoriously challenging for the IRS. In 2022, less than 15% of taxpaying taxpayers contacted someone who was a person, as per Erin M. Collins, the taxpayer advocate in the United States.

Congress has since expanded the amount of money available to the IRS in recent months, and the IRS stated that it is now hiring many new representatives for its telephone. However, it says it is not advisable to call until you have had at least 21 days since filing your taxes online or when the Where is My Tax Refund tool recommends calling.

The IRS has stated that wait times in tax season could be as long as 4 minutes. You might encounter longer wait times on Tuesdays and Mondays, The IRS stated, and also on Presidents Day weekend (Feb. 17-18, 19) in the months leading up to the April tax deadline.

For assistance, call 800-829-1040 and 800-829-8374 in normal business hours.

If not otherwise, the IRS has directed customers to the Let Us Help You page on its website. It also offers assistance in person through Taxpayer Assistance Centers around the country. It is possible to contact the nearest IRS office or call them at 844-545-5640 for an appointment. If you are eligible to receive help, reach out to Taxpayer Advocate Service at Taxpayer Advocate Service at 877-777-4778.

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FAQs For IRS has Issued $13 Billion in Tax Refunds in the Second Week of Filing

How much of IRS refunds were paid out during the second week of filing in Tax season 2024?

The IRS had sent out a total of $13 billion in tax refunds as a part of the filing season in Tax Year 2024 by the second week. Therefore can be concluded that a big percentage of the amount of money is refunded early in the filing period.

What are the main characteristics or patterns seen in the tax refunds from the just concluded 2024 tax season?

This article talks about a lot of patterns and trends that might include the average refund amount, the number of returns processed, any differences from the past years, and demography data breakdowns for the individuals who received the refunds.

What aspects of a tax season determine the speeds and quantities of tax refunded?

The article can go through topics such as modifications in the tax laws, IRS efficiency, filing method (e.g., online or paper), the complexity of tax returns, and also any external impacts like the economic conditions and government stimulus payments.

What effects do tax refunds have on both taxpayers and the economy?

Tax refunds can contribute much to private taxpayers and a broader economy. For people, refunds benefit greatly in that they get financial relief that can be used for different purposes like clearing their debts, making purchases, or investing. At the macroeconomic level, billions of dollars can be injected into the economy, which can, in turn, lead to more spending and economic growth.

What should taxpayers know about tax refunds and filing their taxes in Tax season 2024?

Taxpayers are supposed to be well informed about IRS updates and also the filing deadlines and any changes in tax laws or tax regulations that can affect their returns. Also, they ought to use electronic methods of filing the tax and finish this process promptly so the refund processing will be quick.

Where can I find more information about tax refunds and IRS updates for Tax season 2024?

Taxpayers can visit the IRS official website, consult tax professionals, or use reputable financial news sources to stick with the latest updates and instructions on tax refunds and filings for the Tax season 2024.

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