IRS says it collected $5 trillion in taxes in 2024

(CNN) – The Internal Revenue Service released its 2024 Financial Report this week.

During the fiscal year, the IRS collected more than $5 trillion in tax revenue, more than $98 billion in enforcement revenue and distributed $553 billion in federal tax refunds.

This year’s tax revenue increased from the fiscal year of 2023.

Last year, the IRS said it collected $4.7 trillion in taxes.

More information on the Financial Report can be found on the IRS website.