The Internal Revenue Service (IRS) has concluded the process of receiving and processing the tax returns of millions of taxpayers in the United States for the fiscal year 2023. During the period between January 19 and April 15, the agency was collecting these income tax returns.
Those taxpayers who failed to file their return on time were able to request an extension from the IRS, which grants a six-month extension to complete the process, moving the deadline to October 15. It is important to note that this extension only applies for filing taxes, but not for their payment.
The IRS to Begin Sending Tax Refunds Soon: How Much Will I Get?
As for the payment of taxes, the figure is proportional to the tax situation of each taxpayer. However, an IRS statistical report indicates that by 2024, the average refund has fallen by 25% to 28% relative to the amount received the previous year.
According to the data provided by the IRS, the average IRS refund granted in 2023 for the 2022 tax year was $1,963 per taxpayer. For the 2023 fiscal year, the figure fell to an average of $1,395. As for returns for direct deposits, the amount dropped from $2,056 to $1,543.
These changes are also reflected in the total figures of returns processed by the IRS. In 2023, a total of 16,767,000 returns were processed, while in 2024 this figure has decreased to 13,928,000, which represents a reduction of 16.9%. Likewise, the total number of refunds has experienced a decrease of 67.3%, going from 7,996,000 in 2023 to 2,616,000 in 2024.
In monetary terms, the total of repayments has also suffered a notable decrease. In 2023, the IRS issued a total of $15.696 billion in refunds, while in 2024 this figure was reduced to $3.649 billion, representing a drop of 76.8%.
Where’s My Tax Refund? Find Your Money Now
The “Where’s my Refund?” is an online free tool provided by the IRS and allows taxpayers from any state or territories to track in real time the status of their tax refund. The process to use this tool is quite simple and can be done as follows:
- Access the official website of the IRS: Enter the page irs.gov/refunds from a device with an internet connection.
- Go to the option “Where’s My Refund?”: On the main page, look for the section corresponding to the tool “Where’s My Refund?”and click on it.
- Enter the required information: You will be directed to a new page where you will be asked to enter certain information to verify your identity and the status of your refund. This may include your social security number, your filing status for tax purposes, and the exact amount of your refund.
- Review the refund status: Once you have provided the requested information, the tool will show you the current status of your refund. This may include whether your return has been received, whether it is being processed, or whether the refund has been issued.
You can receive updates: You can return to the tool at any time to get updates on the status of your refund, which allows you to stay on top of any changes or news in the process.