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The Tax Season So Far

March 5, 2015

A little more than a month into tax season, the IRS says that almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb 20. The average refund amount is $3,120. That shows a $4 increase in tax refund amounts received by taxpayers from the previous year.

At this time in 2014, the IRS had received more than 49,000,000 tax returns. This year, the IRS has received just a few thousand returns more than what they did in 2014. The number of returns processed in 2015 as of now is 1% more than that in 2014.

From the total number of returns received by the IRS, 83% of them will result in a tax refund. Out of these, more than 92% of the refunds have been deposited directly into taxpayers’ bank accounts, because filers chose direct deposit to receive their refund. The IRS has been encouraging taxpayers to use efile and direct deposit due for both security concerns and simplicity.

According to the IRS, 160 million taxpayers have visited the online resources provided on their website so far this year. As the IRS is unable to answer many taxpayer queries over the phone, taxpayers are relying more on the IRS website for information. The 2015 filing season statistics as shared by the IRS are:

2015 FILING SEASON STATISTICS

Cumulative statistics comparing 2/21/14 and 2/20/15

Individual Income Tax Returns:

2014

2015

% change

Total Receipts

49,558,000

49,651,000

0.2

Total Processed

48,335,000

48,295,000

-0.1

E-filing Receipts:
TOTAL

46,641,000

47,157,000

1.1

Tax Professionals

24,687,000

23,725,000

-3.9

Self-prepared

21,954,000

23,432,000

6.7

Web Usage:
Visits to IRS.gov

143,672,874

158,287,233

10.17%

Total Refunds:
Number

40,389,000

39,964,000

-1.1

Amount

$125.831

billion

124.670

billion

-0.9

Average refund

$3,116

$3,120

0.1

Direct Deposit Refunds:
Number

35,694,000

36,817,000

3.1

Amount

$112.628

billion

$118.496

Billion

5.2

Average refund

$3,155

$3,218

2.0

 

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