IRS has already issued $64.5 billion in refunds
One week after the two-week delayed start to this year's tax filing season, the Internal Revenue Service has issued 19.5 million refunds to taxpayers, totaling $64.5 billion.
The number of refunds issued has increased more than 18%, and the average refund is $3,317, up 4.6% compared to this time last year, the IRS said late Friday, using numbers compiled from Jan. 31 to Feb. 7.
Despite the delayed start, which was due to an overhaul of IRS computer systems and the 16-day federal government shutdown in October, taxpayers are submitting their returns more quickly this year.
As of Feb. 7, the IRS has received 27.3 million returns, a 2.5% increase compared to the first eight days of the filing period last year. More than 13 million of the returns have been filed electronically from taxpayers' home computers, which is 14.7% more than a year ago.
Following the electronic trend, the number of direct deposit refunds is up 9.8% compared to last year.
This time last year, taxpayers filing returns online experienced a delay nearly twice the norml in receiving refunds due to the IRS installing updates in its computer system.
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