Return Filing Stats

I don’t know about you, but I find certain statistical factors interesting, even at times fascinating. For instance, I find it interesting to know the percentage of people over the age of 50 who have at least $100,000 in retirement savings. Now, most of you couldn’t care less about that, and this article has absolutely nothing to do with that. I’m just using it as an example of one of my numerous shortcomings.

This is going to focus on the issue of the filing of tax returns and certain directly related aspects of same. I suspect many people will be surprised by some of the magnitude of the numbers below, as well as perhaps other elements of what I present. Keep in mind the numbers I am providing to you here are based on IRS data (therefore you know it is absolutely correct – and surprisingly not 10 years stale), and are based on rounded imperfections. Nevertheless, within a very minor margin of error, these stats, I am sure, will be found interesting by a huge number of people – perhaps even all of my readers. Note that these numbers all deal with individuals – essentially Form 1040. Further, this is federal only – there is nothing here about any states.

Based on very recent IRS stats, the following compares selected stats for 2023 to 2024.

You’ve got to admit, these are fascinating stats. Some observations from the above:

• Based on our population, the number of returns filed represents approximately 50% of our population. However, the stats don’t tell us how many of those were joint returns. That would of course represent 2 people. And, there is no indication in these stats as to how many dependents were reflected in these returns.

• Over 90% of individual returns are e-filed. And, over 50% of those are filed by tax pros. I know some of you would argue that some tax preparers aren’t really pros – but that’s an argument for another day.

• Over 60% of the returns filed get refunds. 

• Over 90% of those getting refunds request it be done via direct deposit.

If any of our readers are eager to learn about more and other stats, especially relevant to the IRS, we would welcome a query and we will do our best to provide you with the scintillating facts.

If you have any questions contact Kal Barson at kal@barsongroup.com.