The tax deadline is 10 days away. Here’s the average refund so far
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There are 10 days until April 18, the tax deadline for most Americans, and the IRS has already sent more than 63 million refunds worth over $204 billion in total, as of April 1, the agency reported Friday.
According to the Census Bureau, almost a third of Americans wait until the very last moment before filing for bankruptcy. a report from IPX 1031, and expect a refund of $1,915. The average monthly payment currently stands at $3,226.
Many Americans are planning to make use of refunds to improve their financial situation, despite delayed filings. 37% want to save money, 22% plan on paying down debts.
These latest statistics are released amid difficult times for the IRS as it continues to process millions of individual returns unprocessed. from last year.
Although most agency refunds are issued within 21 days of receipt, there are several reasons why this may take longer. may cause delaysAll returns including those that are paper-filed, returns by post, and payments made via mail. affected by identity theft.
Chuck Rettig, IRS Commissioner: “We ask for extra attention to people who have received an economic benefit payment or an advanced child tax credit last fiscal year.” said in a statement. To avoid any delays, it is important that taxpayers accurately report their taxes.
About 500,000 letters were sent by the IRS 7.4 million “math error” notices for stimulus payment mistakes from Jan. 1 through July 15, 2021, delaying refunds, and many are still waiting for a resolution.
The IRS could not issue refunds to filers for earned income tax credit and additional child tax credit due to law until February mid-February. However, these payments should have been received by filers no later than March 1. according to the agency.
The following link will allow you to check the status of your refund. “Where’s My Refund?” online tool or through the IRS2Go app. The IRS may send you an email update within 24 hours of receiving your electronic filing, or after four weeks of sending out a paper tax return.