February 22, 2001
Electronic Tax Transactions Continue to Grow
WASHINGTON - Early tax returns continue to show taxpayers´ preference for electronic transactions, according to the Internal Revenue Service. The IRS has already received nearly 20 million of the 42 million electronic returns it expects this year.
Through February 16th, more than 62 percent of returns have come by computer or by phone, compared to 57 percent at this time last year. E-filing taxpayers benefit from more accurate returns and faster refunds.
Nearly 2.4 million taxpayers have e-filed from their personal computers a 35 percent increase over the comparable period last year. Almost 14.5 million have gone to tax professionals for computer filing about a seven percent increase.
Not only are more taxpayers sending their returns electronically, more are also getting their refunds that way. More than 15 million have had their refunds deposited directly to a checking or savings accounts an eight percent increase. This accounted for nearly 70 percent of the 22 million refunds processed so far.
The total value of refunds has been $43.9 billion, with 80 percent of that amount delivered with the safety and convenience of direct deposit. The average direct deposit refund has been $2301, while the average of all refunds has been $1978.
2001 Filing Season Statistics
Cumulative through the week ending 2/18/00 and 2/16/01
2000 2001 % Change
Individual Income Tax Returns
Total Receipts 32,237,000 31,272,000 - 3.0
Total Processed 24,827,000 24,144,000 - 2.8
TOTAL 18,432,000 19,438,000 5.5
TeleFile (phone) 3,141,000 2,608,000 -17.0
Computer 15,291,000 16,830,000 10.1
Tax Professionals 13,546,000 14,470,000 6.8
Self-prepared 1,745,000 2,360,000 35.2
Refunds Certified by the Martinsburg Computing Center:
Number 22,828,000 22,197,000 -2.8
Amount of principal 43.205 B. $43.910 B. 1.6
Average refund $1893 $1978 4.5
Direct Deposit Refunds:
Number 14,167,000 15,326,000 8.2
Amount $32.215 B. $35.267 B. 9.5
Average $2274 $2301 1.2
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