February 21, 2002
Early Filings Show Growth in
Refunds & Electronic Transactions
WASHINGTON - This year´s early filers have been getting larger refunds and have been more likely to conduct an electronic tax transaction, according to the Internal Revenue Service.
At $2,210, the average refund is almost 12 percent higher than at this time last year. Changes in the law affecting tax rates and the child tax credit joined the annual inflation adjustments in helping produce the refund jump.
The child tax credit is not only worth more a maximum of $600, rather than $500 it´s also refundable for more parents. Last year, only taxpayers with three or more children could get a payment if the credit exceeded their tax. Now, any taxpayer with a child may get such a refund, limited to 10 percent of the taxpayer´s earned income over $10,000.
Through February 15th, the IRS had received more than 21 million returns by computer or by phone nearly 68 percent of the total filings. The IRS expects about 45 million electronic returns this year. E-filing taxpayers benefit from more accurate returns and faster refunds.
More than 3.2 million taxpayers have e-filed from their personal computers an increase of nearly 38 percent over the comparable period last year. Almost 15.4 million have gone to tax professionals for computer filing about a 7 percent increase.
The secret is getting out about e-file, said IRS Commissioner Charles O. Rossotti. People who use it like it. It´s fast, accurate and dependable and delivers refunds in as little as 10 days.
Not only are more taxpayers sending their returns electronically, more are also getting their refunds that way. Nearly 17 million have had their refunds deposited directly to a checking or savings accounts an increase of almost 11 percent. This accounted for 74 percent of the almost 23 million refunds processed so far.
The total value of refunds has been $50.6 billion, with 84 percent of that amount delivered with the safety and convenience of direct deposit. The average direct deposit refund has been $2,509.
2002 Filing Season Statistics
Cumulative through the week ending 2/16/01 and 2/15/02
2001 2002 % Change
Individual Income Tax Returns
Total Receipts 31,272,000 31,068,000 - 0.7
Total Processed 24,144,000 24,690,000 2.3
TOTAL 19,438,000 21,031,000 8.2
TeleFile (phone) 2,608,000 2,365,000 - 9.3
Computer 16,830,000 18,666,000 10.9
Tax Professionals 14,470,000 15,420,000 6.6
Self-prepared 2,360,000 3,246,000 37.5
Refunds Certified by the Martinsburg Computing Center:
Number 22,197,000 22,881,000 3.1
Amount of principal $43.910 b. $50.566 b. 15.2
Average refund $1,978 $2,210 11.7
Direct Deposit Refunds:
Number 15,326,000 16,938,000 10.5
Amount $35.267 b. $42.492 b. 20.5
Average $2,301 $2,509 9.0
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