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IRS: how much will the tax refund be in 2024 | | MIX

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IRS: how much will the tax refund be in 2024 |  |  MIX

The 2024 tax season began on January 29 and the sooner you correctly file your return with the Internal Revenue Service (IRS), the sooner you can receive your refund. The IRS has already processed more than 25 million tax returns and issued over 7.4 million refunds worth approximately $13 billion. But what can you expect the average IRS refund payment to be this year?

The average amount of refunds so far this year is $1,741, down from $1,997 at the same time last year. However, it is important to note that this sample may not be significant in determining the amount of refunds for the 2024 season, as the average refund for the 2023 season, as of December 29, 2023, was $3,167.

To make a query about the status of your IRS refund, you must have on hand your Social Security number or individual taxpayer identification number (ITIN), as well as the exact amount of the refund in your return. You can call (877) 658-2972 to register the request.

The 2024 tax season is expected to end on April 15, 2024, although there is an extension until October. The IRS expects more than 128.7 million individual tax returns to be filed by this deadline.

For those looking to file tax returns, the IRS provides a tool called Free File, which makes the federal tax return process easier by either using a tax preparation guide or fillable Free File forms. When filing electronically using IRS Free File software or fillable forms, it is sent to the IRS using the latest encrypted technology.

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Additionally, the IRS has clarified that there is no specific age requirement for filing taxes. This is based on certain requirements and conditions, so it doesn’t matter if you are a teenager.

Finally, it is important to avoid common errors in the 2024 tax return to ensure you don’t end up losing money or having legal problems. Some of these errors include having incomplete documentation, incorrectly entering personal information, and several others that citizens should be aware of.

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