2008 Filing Season Factoids

Tax Tips

The IRS posted a news bulletin on Wednesday with some facts about the current tax filing season.  As usual, it was a record setting year for electronic filing.  That part, for me, is rather old news.  As more forms can be efiled, more people will efile.  It was, however, up more than usual.  I think this was spurred on in large part by people looking to get their stimulus rebate direct deposited.  Also, in this economy, I suspect more people were willing to pay for efile to get their refund sooner.

Here are the facts I found noteworthy:

  • Last year 80 million returns were efiled.  (Jan-Oct) This year, there are 86 million already, and there are 5 months to go.

  • 60% of all returns that were filed were done via electronic filing.

  • Usually people who have to pay taxes are inclined to wait until the filing deadline and then drop a check in the mail, but even those returns were up 21% to 11.3 million.

  • So far the total amount refunded by the IRS tops $214 Billion Dollars.

  • $166 Billion of that was direct deposited.

  • The average taxpayer refund to date is $2,383.

For more, see the news bulletin.

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