IRS collects $5 trillion in taxes

(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 it distributed $553 billion in federal tax refunds.

This year’s tax revenue was an increase from the fiscal year of 2023.

Last year the IRS collected nearly $4.7 trillion in taxes.