Tax Season 2024: IRS Issued $3.6 Billion in Tax Refunds in the First Week

In the first week of the 2024 Tax Season, the Internal Revenue Service (IRS) has reportedly issued out tax refunds totaling a whopping $3.6 billion. This information was revealed as the IRS started processing returns for the year, marking an early but significant milestone in the tax filing season.

Surge in Early Tax Returns

The IRS reported a surge in early tax returns with over 6.1 million returns processed within the first week of the tax season. These early birds have received refunds averaging $1,865 each, which is higher than the previous year’s average.

IRS Streamlining Tax Return Processing

The IRS has been streamlining its tax return processing system to ensure efficient and timely disbursement of refunds. Despite facing challenges, including a backlog of unprocessed returns from the previous year, the IRS is committed to resolving these issues and providing taxpayers with their refunds as quickly as possible.

Expectations for the Rest of Tax Season

With the strong start, experts anticipate the IRS to continue issuing substantial tax refunds throughout the tax season. The agency advises taxpayers to file their returns electronically and opt for direct deposit to speed up the refund process.

The 2024 Tax Season has started on a high note with the IRS issuing $3.6 billion in tax refunds in its first week. The agency has been working on improving its tax return processing system to ensure timely refunds despite facing challenges. With an increase in early tax returns and the average refund amount, the IRS is expected to maintain this momentum throughout the tax season.