IRS Refunds: The IRS Has Sent Nearly 30 million Refunds Worth Over $103.2 Billion.

March 5, 2022

Despite ongoing challenges, the IRS has sent nearly 30 million tax refunds, worth about $103.2 billion, the agency reported Friday.

While 29% of Americans worry about a smaller refund, according to a Bankrate survey, the average is currently $3,473 through Feb. 25, which is $658 larger than last year’s payment of $2,815.

Of course, the average refund may change as millions of Americans file just ahead of the April 18 deadline. The IRS has received about 45.4 million returns so far.

The latest filing season statistics come amid a tough period for the IRS, which is still digging out from millions of unprocessed individual returns from last year.

While the agency issues most refunds within 21 days, several factors may cause delays, including paper-filed returns, payments by mail, errors or returns affected by identity theft.

“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.”

The IRS sent about 7.4 million “math error” notices for stimulus payment mistakes from Jan. 1 through July 15, 2021, delaying refunds, and many are still waiting for a resolution.

Your refund status
While the IRS couldn’t issue refunds for the earned income tax credit or the additional child tax credit by law until mid-February, those payments should have reached filers by March 1, according to the agency.

You can check your refund status with the “Where’s My Refund?” online tool or through the IRS2Go app. You may see an update 24 hours after the IRS has received your electronic filing or four weeks after sending a paper return.

SOURCE: CNBC
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