:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/LUF5GXQSDZC5TOFECBKRZF6QWY.png "IRS: How much will tax refunds be in 2024 | | Mix")
The 2024 tax season began on January 29 and the sooner you properly file your return with the Internal Revenue Service (IRS), the sooner you can receive your return. Refunded amount. Do you know what the average amount is this year?
To get your refund sooner, it is better to file your tax return electronically. Keep in mind that a refundable tax credit can be earned if you overpay your taxes during the year. You can get a refund even if you didn’t pay the tax, the IRS explains.
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With calculators in hand, many Americans calculate their tax payments (Photo: Freepik)
How much will the IRS refund payment be in 2024?
From Jan. 29, when tax season began, to Feb. 10, the Internal Revenue Service (IRS) has processed more than 25 million tax returns, according to the federal entity.
The IRS issued more than 7.4 million refunds worth about $13 billion, a 51.1% decrease from the $26.6 billion sent on February 10, 2023.
The average amount of those checks is $1,741, compared to $1,997 as of February 10, 2023. However, this sample is not significant in determining refund amounts for the 2024 season.
It is important to clarify that as on December 29, 2023, The average refund that season was $3,167According to the IRS.
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The headquarters of the Internal Revenue Service (IRS) opened the tax season on January 29 (Photo: Mandel Ngan / AFP)
How do I know the status of my IRS refund?
You must have a Social Security number or Individual Taxpayer Identification Number (ITIN), as well as the exact refund amount on your return, to make the query.
- To do this you must enter: https://www.irs.gov/es/refunds
- Another option is to contact: (877) 658-2972 to register a request.
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Many people are waiting for IRS refunds (Photo: Freepik)
When does the 2024 tax season end in the US?
The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024 tax deadline, although there is an extension to October.
More information about the IRS
What is Free File from the IRS?
Free File is a free IRS tool that helps you simplify your federal tax return, using tax preparation guides or fillable Free File forms that do the hard work for you.
When you file your tax return electronically using IRS Free File software or fillable forms, it is sent to the IRS using the latest in encrypted technology. You will also receive proof that the IRS has accepted your return. You can print your return for free. Using e-file and direct deposit is the fastest way to get refund.
From what age is tax payable?
The Internal Revenue Service (IRS) specifies that there is no specific age for filing taxes, depending on certain requirements and conditions. It doesn’t matter if you are a teenager.
“When a teenager or young adult is employed by a business, their employer withholds taxes from their paycheck. However, when they are classified as independent contractors or self-employed they are responsible for paying taxes themselves.“, suggests the IRS on its page.
The most common mistakes in 2024 tax returns
Many citizens were inundated with ballots and forms as the United States Internal Revenue Service (IRS) filed its tax returns due in 2023. So that you don’t make mistakes and lose money or get into legal trouble, there are some mistakes you should avoid. For example, having incomplete documents, entering your personal information incorrectly and some other information that you should know.
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