The IRS stated that around 161,489,000 were received in 2024. That is around 0.9% higher than in 2023. Keep in mind that not all taxpayers receive a tax refund from the Agency.
In actuality, of that total, only roughly 103,185,000 received a reimbursement. As a result, more than 58,000,000 people either received no refund or were required to pay the Internal Revenue Service the amount owed.
Only 93,506,000 taxpayers got a direct deposit from the IRS
When comparing the number of American taxpayers who received a tax refund from the IRS to those who received a direct deposit, it is plausible to conclude that 9,679,000 people received a check rather than a direct deposit.
However, the Internal Revenue Service recommends that you get banked in order to receive your tax return faster by direct deposit. For your information, the quickest way to receive your tax refund is to file electronically and request direct deposit.
Paper checks can take significantly longer to be issued. As a result, there is no reason to keep you waiting if you absolutely need the money in your bank account. Simply connect into your online banking account or visit your local branch to obtain your routing and account number.
IRS tips for those who do not have a bank account yet
Some Americans still don’t have a bank account. The IRS outlines how taxpayers can create an account with an FDIC-insured bank. Another option is to accomplish it using the National Credit Union Locator tool: https://mapping.ncua.gov/
Veterans who do not yet have a bank account can take advantage of the Veterans Benefits Banking Program, better known as VBBP. This allows you to access the financial services provided by participating banks.
Another option is to obtain a prepaid debit card or a mobile app that enables immediate deposit of tax refunds. Of course, they will need your routing and account numbers to get your money from the IRS.
Also See:– 2 Things the Middle Class Won’t Afford in Under a Decade