Advisors

The tax deadline is 10 days away. Here’s the average refund so far

bymuratdeniz | iStock | Getty Images

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.

Almost one-third of Americans don’t file until the last minute, according to a report from IPX 1031, and expect a refund of $1,915. However, the average payment is currently $3,226.

Despite delayed filings, many Americans plan to use refunds to boost their finances, with 37% aiming to save the money and 22% eyeing paying off debt, the IPX 1031 report found.

The latest filing season statistics come amid a tough period for the IRS, which is still digging out from millions of unprocessed individual returns from last year.  

While the agency issues most refunds within 21 days, several factors may cause delays, including paper-filed returns, payments by mail, errors or returns affected by identity theft.

“We urge extra attention to those who received an economic impact payment or an advance child tax credit last year,” IRS Commissioner Chuck Rettig said in a statement. “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 mistakes from Jan. 1 through July 15, 2021, delaying refunds, and many are still waiting for a resolution.

Your refund status

While the IRS couldn’t issue refunds for the earned income tax credit or the additional child tax credit by law until mid-February, those payments should have reached filers by March 1, according to the agency.     

You can check your refund status with the “Where’s My Refund?” online tool or through the IRS2Go app. You may see an update 24 hours after the IRS has received your electronic filing or four weeks after sending a paper return.

Products You May Like

Articles You May Like

New York sues Donald Trump, company and family members over widespread fraud claims, seeks at least $250 million in penalties
You can visit Bhutan again — if you’re willing to cough up $200 a day in fees
Hedge funds ramp up market bets as volatility brings the asset class back into favor
Could The Unfederal Reserve Save The Global Economy?
Sweden’s central bank launches 100 basis point rate hike, says ‘inflation is too high’

Leave a Reply

Your email address will not be published.