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There are 10 days left until April 18, the tax deadline for most Americans, and the IRS has already sent out more than 63 million refunds worth more than $204 billion, as of April 1. , the agency reported Friday.
Nearly a third of Americans don’t file until the last minute, according to a report of IPX 1031, and expect a refund of $1,915. However, the average payout is currently $3,226.
Despite the delayed filings, many Americans plan to use the refunds to boost their finances, with 37% aiming to save money and 22% planning to pay down debt, according to the IPX 1031 report.
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 need to 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 Jan. 1 to July 15, 2021, delaying refunds, and many are still awaiting resolution.
Status of your refund
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 is 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.
