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Wednesday, September 28, 2022

Stimulus Check Update: Bigger Paydays Are Coming Your Way

For months now, Americans have been wondering whether another stimulus check will end up hitting their bank accounts. It’s a valid question, seeing as how living costs have been soaring due to recent inflation. 

For a stimulus to be warranted, economic conditions would need to take a serious turn for the worse. But right now, the economy is strong and jobs are plentiful, which doesn’t set the stage for a widespread round of relief.

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The good news, though, is that you may have a tax refund coming your way. And if yours is like the average recipient’s, it may be far more generous than the last stimulus check that went out.

Can You Be In Line For The Next Stimulus Check?

As of early April, the average tax refund came to $3,175, which is more than twice the amount of the last stimulus check, which maxed out at $1,400. Now the reality is that you might have a smaller refund coming your way. Or, you may have a larger one. But either way, that cash could take the place of the stimulus you won’t be getting.

When Will The Refund Come In?

If you waited until the April 18 filing deadline to submit your 2021 taxes, you may not see your refund until sometime during the first half of May — and that assumes you filed your taxes electronically. The IRS typically issues refunds for electronically filed returns within three weeks of receipt, and if you signed up for direct deposit of your refund, you may get your money a bit sooner.

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That said, the IRS was very backlogged going into this year’s tax-filing season. And so it may be slower than usual to process refunds. 

Plus, if you filed your taxes on paper, expect it to take a minimum of six weeks to receive your refund. It may even take longer this year due to the IRS being overwhelmed and understaffed (though the agency is hiring new workers in an effort to catch up).

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