nearly two-thirds of returns have been self-prepared.
by beth bellor
the latest tax season is off to a roar, with refunds up 85 percent and processing up 29 percent above last year at this time.
more on tax season: more: marchternity: just say ‘no’ | marchternity: the solution is community | why the irs is still doing data entry by hand | news on irs is maybe sort of a little bit good | why we all hate the tax code | how bullish are you this tax season? | accountants’ top problems for tax season 2023 | tax season 2023: better or worse?
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as of feb. 3, the end of the first week of collections, the irs had received 19 million individual income tax returns, up 13.5 percent from the same week in 2022. it had processed 16.8 million returns, up 29.1 percent.
that pegs the processing rate at 88.5 percent, not a bad start but slower than the rates we eventually should see.
e-filings
electronic filings totaled 17.5 million, up 9.5 percent. tax professionals filed 6.1 million of those, up 15.7 percent, and self-preparers filed 11.4 million, up 6.5 percent.
diyers have submitted 65.4 percent of the e-filings so far this season.
website visits
visits to irs.gov at 105.8 million are down 12 percent.
refunds
total refunds at 8 million are up 84.7 percent. the total amount refunded, $15.7 billion, is up 64.6 percent, but the average refund of $1,963 is down 10.8 percent.
direct deposit refunds at 6.9 million are up 55.6 percent. the total direct deposit amount refunded, $14.3 billion, is up 38.7 percent, but the average direct deposit of $2,056 is down 10.8 percent.
direct deposit comprises 86.8 percent of refunds. paper filers received average refunds of $1,350, 34.3 percent less than the direct deposit average.