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Average Tax Refunds Surge By 13.7% So Far, Are You Getting More Or Less?

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SSI 2022 Update: Check Payment Details And Additional Social Security Checks

April 18 is the deadline for US citizens to file their taxes. To date, the IRS has received about one-third of all the taxpayers’ returns it expects in 2022 reports freep.com.

The IRS has also released the average tax refund, which comes to $3,401 for returns processed through March 4. It represents a rise of 13.7% from a year ago or an increase of $411.The IRS has released nearly 38 million refunds so far, totaling $129.2 billion.

Citizens Could Expect To Get The Refund Within 21 Days

If the tax returns of 2021 are without any hitch, the IRS said that most citizens could expect to get the refund within 21 days of when they file electronically if they choose direct deposit. After that, however, the IRS has given a warning that any tax return could be subject to closer scrutiny, and the refund could be delayed unless the problem is resolved.

The good news is that the IRS has started examining the returns three weeks earlier this year than it did a year ago. This year, the tax season began on January 24. Therefore comparison can be a little tricky, and as the filing process changes, weekly numbers also can shift dramatically early in the season, according to a statement by IRS. Last year the tax filing deadline was extended to May 17, 2021. Last year the average tax refund was $2,800.

Individual Income Tax Returns1.7% Lower Than The Previous Years’ Figures

In a statement, the IRS has said that it received 54.7 million individual income tax returns, which is 1.7% lower than the previous years’ figures. To date, the IRS reviewed more than 53 million returns, up 8.3% from a year ago. The average refunds have tanked in March. Still, it has been higher up 14% or $426 and totaled $3,536 reports freep.com.

The refunds could vary as the tax breaks, and rules can change from year to year. For example, a novel tax break in 2021 has immensely helped early filers, including lower-income working households with no children. In 2021, the maximum Earned Income Tax Credit for those without qualifying kids is $1,502 compared to $538 in 2020.