These were those who claimed the Child Income Tax Credit and the Earned income Tax Credit.
The law that was passed to prevent frauds related to tax credits is causing delays for these filers. It screens for fraudsters trying to claim a refund from someone else. The IRS stated last week that refund checks will be sent to those who have filed before the tax season began on January 24, and claimed one of the two tax credits.
The agency said that the March deadline applies only to taxpayers who meet additional requirements, such as filing electronically and choosing direct deposit for their refund. They also need not be identified by IRS as having problems with their returns.
If a taxpayer is claiming one of the tax credits, they may need to wait several more days before the money arrives in the mail. This applies even if the claim was made electronically. Direct deposit can take up to two days for a refund check and it may take another day for it to clear in your personal bank account.
Over 30 million families claim the Child Tax Credit, and 25 million claim the Earned income Tax Credit.
Where is my refund?
The money is a significant windfall for households that rely on it to pay their bills, cut down on debt, or save them from becoming insolvent. Three out of four taxpayers receive refund checks each year. Consumers are concerned about the size and timing of refunds this year due to a huge backlog at the IRS, challenges in handling tax returns last year, and changes to the tax code which could affect refunds.
The IRS website ” Where is My Refund” allows taxpayers to check the status of their tax returns and their refunds. The tool requires that taxpayers provide their Social Security Number or Individual Taxpayer ID Number, as well as their filing status (e.g. married filing jointly), and the exact amount of their refund.
According to the IRS, people can check on their refunds within 24 hours of receiving an electronic return. This is four weeks after they have received a paper return. This tool informs taxpayers when the return has been received, when it has been approved and when it is due to be sent.
Average amount of refund
Through February 18, approximately 36 million taxpayers filed their tax returns, the IRS stated in its latest filing season statistics. The IRS reported that 22 million tax refunds had been issued so far.
The IRS received 169,000,000 individual returns in the previous tax year. This suggests that many Americans have not yet filed their tax forms. This year.
According to a survey by Bankrate, almost 3 out of 3 taxpayers are concerned that their refund may be lower this year than in previous years. The CTC was expanded in 2021, and half of the credit was advanced through monthly checks last fiscal year. This means that families can claim less child credit on their tax returns and could receive a lower tax refund.
According to IRS data, the average refund size is increasing with each passing tax season. The average refund stood at $2,300 as of February 11. However, it has increased to nearly $3,600 by the end of the week ending February 18.
The average refund last year was approximately $2,800. According to the IRS, the average tax refund can vary greatly from week-to-week.
