The IRS sent nearly $30 million in refunds. Here is the average payout
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Despite ongoing difficulties, the IRS has sent nearly 30 million tax refunds, worth about $103.2 billion, the agency reported Friday.
While 29% of Americans are worried about a smaller refund, according to a Bank Rate Surveythe average is currently $3,473 through Feb. 25, $658 more than last year’s payment of $2,815.
Of course, the average refund may change as millions of Americans file just before the April 18 deadline. The IRS has received about 45.4 million returns so far.
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The latest filing season statistics come amid a tough time for the IRS, which continues to dig up millions of unprocessed individual returns. since last year.
Although the agency issues most refunds within 21 days, several factors can cause delays, including paper returns, mail-in payments, errors, or returns affected by identity theft.
“We urge special consideration for those who received an economic impact payment or child advance tax credit last year,” IRS Commissioner Chuck Rettig said. said in a press release. “People should make sure they report the correct amount on their tax return to avoid delays.”
The IRS sent about 7.4 million “math error” notices for stimulus payment errors from January 1 to July 15, 2021, delaying refunds, and many are still awaiting resolution.
Although the IRS cannot issue refunds for earned income tax credit or additional child tax credit by law until mid-February, these payments should have reached tax filers. here on March 1. depending on the agency.
You can check the status of your refund with the “Where’s my refund?” online tool or via the IRS2Go app. You can see an update 24 hours after the IRS receives your electronic filing or four weeks after you send a paper return.