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Tuesday, November 29, 2022

Data States That The IRS Has Sent Nearly 78 Million Tax Refund

The individuals who have already filed their income tax returns before the deadline will be getting their tax refund very soon. The majority of the tax refunds have already been authorized by the IRS and people got them within 21 days. The IRS has already issued more than 78 million tax refunds by 15th April which has amounted to $242 billion in aggregate and the amount of average refund this year is $3,103.

Tax Refund Is Provided Within 21 Days If Return Is Filed Electronically

However, the tax filed by individuals digitally can be delayed because of many issues. The IRS states that in case any filing needs to be double-checked for any kind of mistakes, issues regarding identity theft, or missing information, then the refund will take some time to come. In the previous year, the IRS had declined millions of income tax returns for issues found in a stimulus check payment.

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Thus, this year, the warning to fill-up the form properly was given by the Department, especially to the people who got the advance child tax credit or stimulus checks. In the views of Chuck Rettig, the Commissioner of the IRS, the correct amount must be written by the people during the filing of tax returns. 

As per Erin Collins, the advocate of National Taxpayer, the IRS is facing a lot of challenges with the paperwork which also resulted in a backlog in December last year. There were 5 million issues regarding the income tax return filing and the majority of them are still pending. As per him, electronically filed income tax filing will send the tax refund within 21 days, however, in the case of paperwork, it might even take more than six months. 

This year 96% of the filing was received through electronic means which amounts to more than 118 million returns. However, the data will change as the deadline has been extended to 17th October.

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