STATEN ISLAND, N.Y. — Americans are getting more money back on this year’s tax returns, according to the latest Internal Revenue Service (IRS) data.
Through Feb. 16, the latest date currently available on the IRS website, the agency has issued 20,883,000 refunds, nearly 25% fewer than the 27,781,000 that had been issued by this time last year.
The reason for the dramatic reduction in refunds issued to date is a simple one; the agency officially began processing tax returns one week later this year than it did in 2023.
“Because the 2023 filing season began on Jan. 23, the IRS had been receiving returns for 26 days by Feb. 10, 2023; compared to only 19 days for the 2024 filing season, which opened on Jan. 29. Considering the loss of 7 days in this comparison, filing season statistics below continue to show a strong start to filing season 2024, with all systems running well,” according to the IRS.
The average refund amount through Feb. 16 was $3,207, roughly 2% higher than the average refund of $3,140 at that time last year.
Through Feb. 9, the average had been just $1,741, but has increased dramatically now than the IRS has begun issuing refunds to taxpayers who claimed the the Earned Income Tax Credit or Additional Child Tax Credit, the refundable portion of the Child Tax Credit.
Due to the Protecting Americans from Tax Hikes (PATH) Act, which took effect during the 2017 filing season, the IRS legally cannot issue refunds or credits to anyone who claimed an Earned Income Tax Credit or Additional Child Tax Credit before Feb. 15, with the agency expecting those who claimed those credits to receive their direct deposit refunds by Feb. 27.
The policy was implemented “to help prevent revenue loss due to identity theft and refund fraud related to fabricated wages and withholdings,” according to the IRS.
TRACKING YOUR REFUND
If you’re one of the millions of Americans who have already sent in their tax returns, there are online portals that will allow you to monitor the…
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