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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 processed more than 25 million tax returns since the season opened and has issued over 7.4 million refunds worth approximately $13 billion.

To receive your refund sooner, it is better to file your tax return electronically. Keep in mind that a refundable tax credit can be obtained if you paid more during the year than you owe in taxes. You may be able to get a refund even if you didn’t pay taxes, the IRS explains.

The average amount of those checks is $1,741, compared to $1,997 as of February 10, 2023. However, as of December 29, 2023, the average refund for that season was $3,167, according to the IRS.

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 until October.

If you’re wondering how to check the status of your IRS refund, you must have on hand the 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 IRS also offers Free File, a free tool to help make filing your federal tax return easier. When you file your tax return electronically using IRS Free File software or fillable forms, it is sent to the IRS using the latest encrypted technology.

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The IRS makes it clear that there is no specific age to file taxes, based on certain requirements and conditions. “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,” the IRS indicates on its page.

The end of the tax return deadline to the United States Internal Revenue Service (IRS) corresponding to 2023 had many citizens drowning in ballots and forms. So that you don’t make mistakes and end up losing money or having legal problems, you must avoid some mistakes. For example, having incomplete documentation, incorrectly entering your personal information and several others that you should know.

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