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Regardless of ongoing challenges, the IRS has despatched practically 30 million tax refunds, price about $103.2 billion, the company reported Friday.
Whereas 29% of Individuals fear a few smaller refund, in accordance with a Bankrate survey, the typical is at present $3,473 via Feb. 25, which is $658 bigger than final yr’s fee of $2,815.
After all, the typical refund might change as thousands and thousands of Individuals file simply forward of the April 18 deadline. The IRS has obtained about 45.4 million returns thus far.
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The most recent submitting season statistics come amid a tricky interval for the IRS, which remains to be digging out from thousands and thousands of unprocessed particular person returns from last year.
Whereas the company points most refunds inside 21 days, a number of components may cause delays, together with paper-filed returns, funds by mail, errors or returns affected by identity theft.
“We urge further consideration to those that obtained an financial affect fee or an advance little one tax credit score final yr,” IRS Commissioner Chuck Rettig said in a statement. “Folks ought to ensure they report the correct quantity on their tax return to keep away from delays.”
The IRS despatched about 7.4 million “math error” notices for stimulus fee errors from Jan. 1 via July 15, 2021, delaying refunds, and lots of are nonetheless ready for a decision.
Your refund standing
Whereas the IRS could not problem refunds for the earned earnings tax credit score or the extra little one tax credit score by regulation till mid-February, these funds ought to have reached filers by March 1, according to the agency.
You’ll be able to test your refund standing with the “Where’s My Refund?” on-line instrument or via the IRS2Go app. You might even see an replace 24 hours after the IRS has obtained your digital submitting or 4 weeks after sending a paper return.