IRS Reports More Than $5 Trillion in 2024 Tax Revenues

The agency processed 267 million tax returns and forms and expanded enforcement during this period.

The Internal Revenue Service building in Washington on Oct. 16, 2023. Madalina Vasiliu/The Epoch Times

The IRS received about $400 billion more in taxes in its most recent fiscal year than in the prior one, with both individual and corporate collections rising, according to the agency’s latest financial report.

The IRS collected about $5.1 trillion in tax revenues for fiscal year 2024—which ran from Oct. 1, 2023, to Sept. 30, 2024, according to the Nov. 7 report from the agency. This is more than 8.5 percent higher than the roughly $4.7 trillion that the IRS received in fiscal year 2023. The biggest chunk of revenues in 2024 came from individual income taxes and tax withholdings, which accounted for $4.4 trillion.