The IRS has despatched almost 30 million refunds. Here is the typical fee

Cabania | iStock | Getty Photos Plus

Regardless of ongoing challenges, the IRS has despatched almost 30 million tax refunds, value about $103.2 billion, the company reported Friday.

Whereas 29% of People fear a few smaller refund, in response to a Bankrate survey, the typical is presently $3,473 by Feb. 25, which is $658 bigger than final yr’s fee of $2,815.

After all, the typical refund could change as tens of millions of People file simply forward of the April 18 deadline. The IRS has acquired about 45.4 million returns thus far.

Extra from Private Finance:
Here is what each taxpayer must know this season
IRS unveils Taxpayer Expertise Workplace to enhance customer support
Here is why your tax return could also be flagged by the IRS

The newest submitting season statistics come amid a tricky interval for the IRS, which remains to be digging out from tens of millions of unprocessed particular person returns from final yr.  

Whereas the company points most refunds inside 21 days, a number of components could trigger delays, together with paper-filed returns, funds by mail, errors or returns affected by id theft.

“We urge further consideration to those that acquired an financial influence fee or an advance little one tax credit score final yr,” IRS Commissioner Chuck Rettig mentioned in a press release. “Folks ought to be sure that 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 July 15, 2021, delaying refunds, and lots of are nonetheless ready for a decision.

Your refund standing

Whereas the IRS could not difficulty refunds for the earned earnings tax credit score or the extra little one tax credit score by regulation till mid-February, these funds ought to have reached filers by March 1, in response to the company.     

You’ll be able to examine your refund standing with the “The place’s My Refund?” on-line device or by the IRS2Go app. You may even see an replace 24 hours after the IRS has acquired your digital submitting or 4 weeks after sending a paper return.

Supply hyperlink