The IRS says they expect more than 128.7 million will individually file their taxes this year by Monday, April 15, but they are cautioning taxpayers That they may see smaller refunds in 2024 compared to last year.
Based on data published last year by the government agency last year, around 2.6 million who filed saw an average return of $1,963. This year, that number is expected to drop nearly 30%, with an average check coming back in around $1400 dollars.
Taxpayers normally get a refund from Uncle Sam by overpaying too much in taxes the previous year.
Financial analysts are saying the small refund may hurt consumers, especially those who live from paycheck to paycheck. Other areas the refunds will help in is to pay off debt and make a major purchase as well.
While the IRS is forecasting smaller refunds, other tax experts are saying those filing within the allotted time could see larger refunds 10% higher in 2024 than last year, an increase amount anywhere from $300 to $400 dollars.
To get your refund within 21 days of filing, the IRS is telling individuals to electronically submit their returns to make sure that they are accurate and complete and request to receive the refund via direct deposit.
On the optimistic side, the IRS says the average refund amount could likely change in the next few months as more people file their returns. But mistakes could happen, and the IRS says tax returns that are submitted may have “additional review” that could take longer to process if their systems identify items such as mistakes or if the filings look like theft or fraud.
