August 27, 2020 10:29 pm

DIY Returns Are Up

The IRS reports statistics on its filing season ( Through July 24, 2020, 152,875 income tax returns were filed for individuals, compared with 146,342,000 through July 27, 2019. Of these returns, there was a 23% increase in self-prepared returns filed electronically.

The number of refunds, however, fell 3.1% as compared with last year. The average refund from 2019 returns filed in 2020 was $2,741, the same average refund issued last year.

Tax Glossary

Lump-sum distribution

Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.

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