Because the average tax refund is lower so far than in the prior tax year, that doesn't necessarily mean that a taxpayer's individual check will decline this year. To be sure, every taxpayer's situation is unique, with each individual tax refund based on a number of factors, including income, deductions, tax credits and withholding during the year. "There are many households and families who count on that refund, especially those at the lower end of the income spectrum, so a smaller refund is definitely a concern," said Joe Buhrmann, a CFP and senior financial planning consultant at eMoney Advisor. About 1 in 4 taxpayers are worried their refund could be delayed - perhaps not surprising given that the Treasury Department warned in January that this tax season will be a challenge as the agency is still dealing with a backlog of returns from 2021. Irss wheres my refund code#But consumers are expressing anxiety about their refunds this year amid a backdrop of rising inflation and pandemic-era tax code changes that could impact the size of their checks.Īlmost 1 in 3 taxpayers sad they're concerned their refund could be smaller this year compared with prior years, according to a survey from Bankrate. Here's how long it will take to get your tax refund in 2022Ī tax refund is often a family's biggest check of the year, with people using the money to pay down debt, to bolster their savings or to cover everyday expenses.So far in 2022, the IRS has issued more than 4 million refunds. In 2021, the IRS received 169 million individual returns and issued 129 million refunds, according to agency's data. That means the typical tax refund could change and even grow as the season progresses, as taxpayers have until April 18 to file their federal returns. To be sure, there's a caveat about this early data since tens of millions of refunds have yet to be issued. Last year, the average refund was about $2,800. The tax agency recently said the average refund is about $2,300, according to data as of February 11. Based on early data from the tax agency, it turns out there may be some justification for the dread. It's taking us more than 21 days (and up to 120 days) to issue refunds for tax returns with the Recovery Rebate Credit, Earned Income Tax Credit and Additional Child Tax Credit.ĭon't file a second tax return. If you're due a refund from your tax return, you should wait to get it before filing Form 1040-X to amend your original tax return.Taxpayers this year have plenty of worries about their tax refunds, including fears they may get a smaller check than usual from the IRS. Includes a Form 8379, Injured Spouse Allocation PDF, which could take up to 14 weeks to process.
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