EducationTax NewsIRS Flooded with Tax Returns Early in Tax Season

The Internal Revenue Service said Thursday that only three weeks after the opening of tax season, it has already received about one-third of the individual income tax returns it expects to receive in 2014.

The IRS reported that tax season has gone smoothly so far, despite the two-week delay before kicking off tax season on January 31.  The IRS has processed almost 98 percent of the 49.6 million returns received so far. Each week this filing season, the IRS has processed a greater percentage of the returns received than during comparable weeks last year.

More taxpayers are filing their returns electronically this year. Overall, 46.6 million returns have been e-filed this year, up 1 percent from the same time last year.

As in past years, the IRS has seen the greatest increase among individuals filing from their home computers. Nearly 22 million returns have been e-filed from home computers this year, an uptick of nearly 7 percent compared to the same time last year.

So far this year, the IRS has issued more than 40 million tax refunds, an increase of more than 6 percent compared to the same time last year. Nearly 90 percent of these refunds were directly deposited into taxpayers’ accounts.

2014 FILING SEASON STATISTICS
Cumulative statistics comparing 2/22/13 and 2/21/14
Individual Income Tax Returns:	2013		2014		% Change
Total Receipts	49,448,000		49,558,000		2.7
Total Processed	42,837,000		48,335,000		12.8
E-filing Receipts:
TOTAL	46,149,000		46,641,000		1.1
Tax Professionals	25,618,000		24,687,000		-3.6
Self-prepared	20,531,000		21,954,000		6.9
Web Usage:
Visits to IRS.gov	155,167,572		145,881,766		-6.0
Total Refunds:
Number	38,042,000		40,389,000		6.2
Amount	$113.738	Billion	$125.831	Billion	10.6
Average refund	$2,990		$3,116		4.2
Direct Deposit Refunds:
Number	34,618,000		35,694,000		3.1
Amount	$107.228	Billion	$112.628	Billion	5.0
Average refund	$3,097		$3,155		1.9