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The tax season kicked off on Jan. 24, and the IRS has issued greater than 22 million tax refunds value round $78 billion, the company reported Friday.
As of Feb. 18, the common refund was $3,536, over $700 greater than final 12 months’s fee of $2,815, as reported through Dec. 3. Nonetheless, the common could change as thousands and thousands of People file their returns.
Some tax consultants predict smaller refunds for households who acquired the advance child tax credit, debtors who paused student loan payments or traders with sizable mutual fund payouts.
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The most recent submitting season statistics come amid a difficult season for the IRS, which continues 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 additional consideration to those that acquired an financial impression fee or an advance youngster tax credit score final 12 months,” IRS Commissioner Chuck Rettig said in a statement. “Individuals ought to ensure that 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.
Examine your refund standing
Whereas IRS could not situation refunds for the earned revenue tax credit score or the extra youngster tax credit score by regulation till mid-February, these funds ought to attain filers by March 1, according to the agency.
You’ll be able to verify 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 acquired your digital submitting or 4 weeks after sending a paper return.
