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February 25, 1999
E-Filing & Tax Refunds
Continue Upwards Trends
WASHINGTON - The latest tax season statistics from the Internal
Revenue Service show a continuation of upward trends in electronic
returns and average refund amounts. The 16.2 million electronic
returns represent a 12 percent increase over this time last year.
The average refund -- $1784 -- is 15 percent higher.
More than 843,000 taxpayers have e-filed returns from their own computers, an increase of nearly 153 percent. These taxpayers either
purchased tax preparation software or filed through companies
offering online tax services. "With just one-fourth of this year's
returns filed, we're more than half way to our projected total of
29.6 million e-file returns," said Bob Barr, IRS Assistant
Commissioner for Electronic Tax Administration. "We hope that those
who have yet to do their returns consider the ease and benefits of
e-filing."
The IRS Web site -- www.irs.ustreas.gov -- has a special
Electronic Services page, with details about filing and paying
electronically as well as links to private sector partners offering
e-filing services.
The child tax credit may be a strong contributor to the increase
in the average refund. Around 25 percent of the returns filed so far
have claimed this new credit, which is worth up to $400 for each
dependent under the age of 17.
The child tax credit begins to phase out for taxpayers with
income over $75,000 ($110,000 on a joint return). The tax
instruction booklets explain how to figure the credit. While this
credit normally cannot exceed the tax liability, there are
exceptions for some taxpayers who have at least three qualifying
children. These taxpayers will use Form 8812, "Additional Child Tax
Credit," to get the full benefit of this credit.
IRS Publication 553, "Highlights of 1998 Tax Changes," explains
this and other new provisions. It is available through the IRS Web
site or by calling (toll-free) 1-800-TAX-FORM (1-800-629-3676).
As of Feb. 19, the IRS had processed more than $35 billion in
refunds, compared to $29 billion at this time last year. Nearly
three out of five taxpayers receiving refunds so far have had them
deposited directly to their bank accounts.
1999 FILING SEASON STATISTICS
Cumulative through the week ending 2/20/98 and 2/19/99
|
1998 |
1999 |
% Change |
Individual Income Tax Returns |
Total Receipts |
31,582,000 |
31,545,000 |
- 0.1 |
Total Processed |
20,530,000 |
21,318,000 |
3.8 |
E-filing Receipts: |
TOTAL |
14,489,000 |
16,217,000 |
11.9 |
TeleFile (phone) |
3,750,000 |
3,512,000 |
- 6.4 |
Computer |
10,739,000 |
12,705,000 |
18.3 |
Tax Professionals |
10,405,000 |
11,862,000 |
14.0 |
Self-prepared |
334,000 |
843,000 |
152.8 |
Refunds Certified by the
Martinsburg Computing Center: |
Number |
18,933,000 |
19,644,000 |
3.8 |
Amount of principal |
$29.388 billion |
$35.052 billion |
19.3 |
Average refund |
$1552 |
$1784 |
15.0 |
Direct Deposit Refunds: |
Number |
9,709,000 |
11,588,000 |
19.4 |
Amount |
$19.276 billion |
$25.580 billion |
32.7 |
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