Tax Refund 2022 Is $658 Higher Than 2021 Average; Here's How You Can Track Your Payment

Despite continued issues, the IRS stated Friday that it had distributed over 30 million tax refunds totaling $103.2 billion.

According to a Bankrate poll, while 29 percent of Americans are concerned about a lesser tax refund, the average is presently $3,473 through February 25, up $658 from last year's tax refund of $2,815.

However, as millions of Americans file just before the April 18 deadline, the average refund may alter. So far, the IRS has received around 45.4 million tax returns. The IRS is still digging out from millions of unprocessed individual tax returns from last year, according to the latest filing season figures.

How To Trace Tax Refund?

While most refunds are processed within 21 days, delays can occur due to paper-filed returns, mail-in payments, mistakes, or returns that have been tainted by identity theft, CNBC reported.

From January 1 to July 15, 2021, the IRS sent nearly 7.4 million "math error" warnings for stimulus payment errors, delaying refunds; and many are still waiting for a resolution. While the IRS was required by law to wait until mid-February to issue tax refunds for the earned income tax credit and the increased Child Tax Credit, the payments should have arrived by March 1, according to the IRS.

You may check the status of your refund using the "Where's My Refund?" tool. You may use the IRS2Go app or the IRS2Go web tool. After the IRS receives your electronic filing or four weeks after mailing a paper return, you may get an update.

Tax refunds are normally sent within three weeks by the IRS, but some taxpayers may have to wait a little longer. If your tax return has any problems, you may have to wait a long time.

According to the IRS website, the resolution of an issue "depends on how swiftly and accurately you respond, as well as the capacity of IRS personnel trained and operating under social distancing rules to finish the processing of your return."

Per CNET, the method you selected to file your return has an impact on the date you get your tax refund. If you mailed your tax return, the IRS estimates that it will take six to eight weeks for your tax refund to arrive once it has been processed.

If your tax refund is deposited directly into your bank account, it may take up to five days for your bank to post the funds to your account. This implies that if the IRS takes the whole 21 days to issue your check and your bank takes five days to post it you may be out of money for a total of 26 days. Because there is no waiting time for direct deposit, online services like Venmo and Cash App can send your tax refund a few days sooner.

It's worth noting that people who claim the Child Tax Credit and/or the earned income tax credit will have to wait a little longer. The IRS is required by law to wait until February 15 to provide refunds to people who have those credits. Early filers with such credits could get a tax refund on March 1st, according to the IRS.

How To Receive Tax Refund Faster?

You might get your money back in as short as three weeks if you expect a federal tax return this year. In the past, the IRS has issued more than 90% of refunds in fewer than 21 days. This year, though, things could be different. The IRS started this tax filing season with millions of unprocessed tax returns from past years due to COVID-related issues, as per Kiplinger via MSN.

This will cause them to slow down, perhaps delaying your reimbursement. Fortunately, there are a few things you can do to expedite the process and improve your chances of receiving your tax return sooner rather than later.

The first tip is to file your tax return as soon as possible. The sooner you file your tax return, the sooner you'll receive any tax refund you're entitled to. This is due to the fact that your return will be closer to the head of the queue rather than the back.

E-file your tax return if you want to speed up the refund procedure even further. Returns of paper take a long time to process. There are several options for filing electronically. You may, of course, hire a professional tax preparer to help you submit an electronic return (most expensive route).

Through the IRS's Tax Counseling for the Elderly and Volunteer Income Tax Assistance programs, seniors, those earning $58,000 or less, disabled people, and taxpayers with low English-language abilities may be eligible for free tax assistance and e-filing.

For the "do it yourself" set, there are numerous e-filing choices, including utilizing a commercial tax software program (e.g., TurboTax) or forms/software on the IRS website. You may even submit your federal return for free if your adjusted gross income in 2021 is $73,000 or less!

@YouTube

Tags

Tax return, IRS