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Tax season started on January 24, and the IRS has issued greater than 22 million tax refunds, value about $78 billion, the company reported Friday.
As of February 18, the common refund was $3,536, up $700 in comparison with the earlier 12 months’s cost of $2,815, as reported by December 3. Nonetheless, the common could change as hundreds of thousands of Individuals file their returns.
Some tax specialists predict smaller refunds for households who acquired the Advance Youngster Tax Credit score, debtors who withheld scholar mortgage funds or buyers with massive mutual fund funds.
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The most recent submitting season figures come amid a difficult season for the IRS, which continues to be digging by way of hundreds of thousands of unprocessed private returns from final 12 months.
Whereas the company points most refunds inside 21 days, a number of components could cause delays, together with paper-file returns, funds by mail, errors or returns affected by id theft.
“We urge further consideration to those that acquired financial affect funds or advance baby tax credit final 12 months,” IRS Commissioner Chuck Rattig mentioned in an announcement. “Individuals ought to ensure that they report the correct quantity on their tax return to keep away from delays.”
The IRS despatched almost 7.4 million “math error” notices from January 1 to July 15, 2021 for stimulus cost errors, delayed refunds, and plenty of nonetheless ready for an answer.
Examine Your Refund Standing
Whereas the IRS could not concern refunds for the Earned Revenue Tax Credit score or the Further Youngster Tax Credit score by legislation till mid-February, these funds ought to attain filers by March 1.
You ask “The place’s my refund?” You may verify your refund standing with Via on-line software or IRS2Go app. You may view the replace 24 hours after the IRS receives your digital submitting or 4 weeks after you ship the paper return.