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Will Your Tax Refund Be Increased This Yr?

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The most recent IRS data present that the common federal tax refund is roughly $3,182. That’s greater than $140 (5.1%) greater than it was at the moment final 12 months. However that doesn’t imply everybody will get a bigger tax refund from the IRS this 12 months. Listed here are some causes your refund could possibly be extra — or much less — than final 12 months.

2024 tax refund

IRS inflation-adjusted quantities may partially account for greater refunds in 2024. For instance, 2023 standard deduction quantities elevated by greater than 6%, and federal income tax brackets additionally elevated, so taxpayers who obtained solely small raises (or none in any respect) may even see a giant distinction of their 2023 tax legal responsibility after they file.

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