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The IRS has issued greater than 45 million tax refunds price virtually $152 billion in complete, as of March 11, the company reported Friday.
Practically half of Individuals anticipate refunds this season, in response to a Capital One report, offering a wanted monetary enhance for a big proportion of filers.
The typical fee is at present $3,352 by way of March 11, $537 bigger than final yr’s $2,815, however it might nonetheless change with 4 weeks till the April 18 deadline.
The most recent submitting season statistics come amid a troublesome interval for the IRS, which continues to be digging out from tens of thousands and thousands of unprocessed particular person returns from final yr.
Whereas the company points most refunds inside 21 days, a number of elements could trigger delays, together with paper-filed returns, funds by mail, errors or returns affected by id theft.
“We urge additional consideration to those that obtained an financial influence fee or an advance little one tax credit score final yr,” IRS Commissioner Chuck Rettig mentioned in an announcement. “Individuals ought to be certain 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 by way of July 15, 2021, delaying refunds, and lots of are nonetheless ready for a decision.
Your refund standing
Whereas the IRS could not challenge refunds for the earned revenue tax credit score or the extra little one tax credit score by legislation till mid-February, these funds ought to have reached filers by March 1, in response to the company.
You possibly can examine your refund standing with the “The place’s My Refund?” on-line instrument or by way of the IRS2Go app. You may even see an replace 24 hours after the IRS has obtained your digital submitting or 4 weeks after sending a paper return.