IRS collected record breaking tax revenue in 2024. See how much.

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WASHINGTON - The Internal Revenue Service has set a new record for its largest revenue collection ever.

Historic tax revenue collected by IRS

What we know:

The agency collected more than $5 trillion in taxes for the first time in history, totaling $5.1 trillion for fiscal year 2024, according to data released Thursday in their annual Data Book.

This amounts to an increase of nearly 9% from the previous year’s total of $4.7 trillion.

IRS revenue accounts for approximately 96% of all government funding, according to the report. The data provides a comprehensive statistical overview of IRS operations. 

The IRS processed over 266 million returns and other forms from individuals, businesses, and tax-exempt organizations during fiscal year 2024 which covered the period from Oct. 1, 2023, to Sept. 30, 2024.

The agency also issued nearly $553 billion in refunds to individual and business taxpayers.

In addition, the IRS closed 505,514 tax return audits, leading to $29 billion in recommended additional taxes.

View the complete 2024 Data Book online.