The Internal Revenue Service reported Thursday that more than 48 million tax refunds had been issued by the end of February, a 5.6 percent increase compared to the same period last year, with the size of the average tax refund also up.
As of Feb. 28, the average refund this year is $3,034, up 3 percent compared to the average refund amount for the same time last year. Nearly 88 percent of the tax refunds issued to date have been directly deposited into the accounts of taxpayers, saving them time and a trip to the bank, according to the IRS.
The number of returns filed electronically is also up slightly from the same time last year, while the number of taxpayers filing from home computers is up 7.5 percent.
At the end of the fourth week of the filing season, the IRS said it had received nearly 40 percent of the tax returns it expects to receive for the entire year.
2014 FILING SEASON STATISTICS | |||||
Cumulative statistics comparing 3/01/13 and 2/28/14 | |||||
Individual Income Tax Returns: | 2013 | 2014 | % Change | ||
Total Receipts | 58,044,000 | 58,883,000 | 1.4 | ||
Total Processed | 51,778,000 | 57,410,000 | 10.9 | ||
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E-filing Receipts: |
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TOTAL | 53,612,000 | 54,942,000 | 2.5 | ||
Tax Professionals | 30,466,000 | 30,053,000 | -1.4 | ||
Self-prepared | 23,146,000 | 24,889,000 | 7.5 | ||
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Web Usage: |
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Visits to IRS.gov | 180,140,998 | 165,204,642 | -8.3 | ||
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Total Refunds: |
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Number | 45,862,000 | 48,429,000 | 5.6 | ||
Amount | $135.025 | Billion | $146.918 | Billion | 8.8 |
Average refund | $2,944 | $3,034 | 3.0 | ||
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Direct Deposit Refunds: |
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Number | 41,137,000 | 42,380,000 | 3.0 | ||
Amount | $126.032 | Billion | $131.203 | Billion | 4.1 |
Average refund | $3,054 | $3,096 | 1.1 |