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Tax refunds are higher so far this year, the IRS says. Here’s the average refund amount.
The IRS said it’s issuing bigger tax refunds compared with a year earlier, signalling a potential boon for Americans who rely on their annual refund to help pay down debt, start an emergency fund or deal with rising costs.
As of February 16, the average tax refund is $3,207, the IRS said in its latest tax season update. That’s 2.1% higher than the same period a year ago.
The bigger average refund marks a reversal from the dip that the typical taxpayer experienced in 2023, when refunds were 3% lower due to the expiration of pandemic tax benefits. That proved to be a double whammy for households already hit by inflation, which has pushed up prices of everything from food to housing.
But this year, some taxpayers are receiving bigger refunds after the IRS adjusted many of its provisions for inflation, pushing the standard deduction and tax brackets about 7% higher for the 2023 tax year, which is the period for which taxpayers are now filing their taxes.
Workers whose pay didn’t keep up with inflation last year are likely to get bigger tax refunds — up to 10% more, Jackson Hewitt chief tax information officer Mark Steber told CBS MoneyWatch earlier this year. Tax refunds, which often represent a household’s biggest annual influx of cash, are likely to be used to pay for necessities by 4 in 10 taxpayers who expect a refund this year, according to a recent Credit Karma poll.
Here’s what to know about this year’s tax refund amount.
Are tax refunds higher in 2024?
The IRS on Friday said that the typical tax refund is about 2.1% higher than a year ago. That means the average taxpayer through February 16 has received about $3,207 from the tax agency, compared with $3,140 at the same time a year earlier.
Still, there are seven weeks remaining in the current tax season, which means that the data could fluctuate until the IRS stops accepting tax returns on April 15. (Tax filers can also ask for an automatic extension, which gives them until October 15 to file their tax forms.)
So far, about 34.7 million people have filed tax returns, a fraction of the 146 million individual tax returns that the IRS expects this year.
Will I get a bigger tax refund in 2024?
That depends on your individual circumstances, ranging from income to life changes, such as whether you welcomed a new child to your family, bought a house or got married.
And some taxpayers could end up owing more in 2024, such as if they took on a side gig last year to offset the impact of inflation and didn’t pay quarterly self-employment taxes. And there are other issues that could lower your refund, such as families with teenage children who aged out of the $2,000 child tax credit, since only kids under 17 qualify for the benefit.
You can get a sense of your 2024 refund by using a tax refund calculator, a tool offered by tax prep companies such as H&R Block as well as financial sites like Nerdwallet.
When can I expect my tax refund?
Most taxpayers who file electronically will get their refunds within 21 days, according to the IRS. However, the IRS cautions that some returns could take longer, including returns that are filed on paper forms, which require more time to process.
The IRS said the best way to check the status of your refund is to visit Where’s My Refund? on IRS.gov or the IRS2Go app.
The IRS updates refund data overnight, and only once per 24-hour period, so the agency said taxpayers don’t need to check more frequently than on a daily basis. For people who file electronically, the “Where’s My Refund” tool should show your status within 24 hours of filing.
If you mail a paper return, the “Where’s My Refund” site requires 4 weeks to show your status, the agency says.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
CBS Philadelphia
Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.