45 Million Tax Refunds Valued at $152 Billion Sent Out by IRS
As of March 11, the IRS had issued over 45 million tax refunds valued at almost $152 billion, the agency reported Friday.
More than half of Americans expect tax refunds this year, according to a Capital One report, presenting a much-needed financial boost for many Americans.
According to CNBC, with four weeks until this year’s deadline, however, the average payment is still likely to change, as it is currently $3,352 through March 11, $537 more than last year’s $2,815.
It is in the midst of a tough period for the IRS, since it still has tens of millions of unprocessed individual tax returns left over from last year.
Generally, the agency issues refunds in 21 days, but paper-filed returns, mail-order payments, errors, or identity theft-related returns can cause delays.
“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.”
From Jan. 1 through July 15, 2021, the IRS sent more than 7.4 million “math error” notices, delaying refunds, and many are still waiting for them.
Check Your Refund Status
The IRS wasn’t required under the law to release refunds of earned income tax credits and additional child tax credits until mid-February, but refunds should have reached filers by March 1, according to the agency.
To check the status of your refund, use the “Where’s My Refund?” online tool or through the IRS2Go app. The IRS may update your account 24 hours after receiving your electronic filing or four weeks after receiving a paper return.