direct deposits down from their usual range.
by beth bellor
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with a full month of tax filings in the books, there aren’t any surprises.
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by the end of week 5 on march 2, the irs had received 61.2 million individual income tax returns, up 0.1 percent from the same period last year. it had processed 59 million, down 0.1 percent.
the processing rate remained the same as the previous week, 96.6 percent.
e-filings have just surpassed 2017 levels at 57.8 million, up 0.6 percent.
tax professionals handled 28.7 million of those electronic filings, down 2.1 percent. self-prepared filings were up 3.4 percent at 29.1 million.
nearly half of all e-filings, 49.6 percent, go through tax professionals.
visits to irs.gov are up 23.6 percent to 242.9 million.
total refunds issued numbered 48.5 million, down 1.8 percent. the total amount of $147.6 billion was down 0.8 percent, and the average refund of $3,046 was up 1 percent.
total direct deposit refunds issued numbered 43.6 million, down 2.8 percent. the total amount of $137.7 billion was down 2.1 percent, and the average refund of $3,162 was up 0.8 percent.
direct deposits have taken a dip from the mid-90s, making up 89.9 percent of all refunds.