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Tax Refund: How Much Is The Average Amount The IRS Will Pay?

Tax return season is still underway in the United States. Although experts have been warning taxpayers for some time to prepare for another year of some delays. They also declare the importance of declaring on time and preparing all your information to the smallest detail to avoid complications.

The Internal Revenue Service (IRS) began accepting tax returns on January 24.

Tax experts believe that families who received the child tax credit in advance, borrowers who suspended student loans or investors with large mutual fund payments will receive smaller refunds.

The agency said most refunds will be issued within 21 days. However, some factors may cause delays. Common mistakes, like payment errors or identity theft, can cause delays.

What is the average refund payment for 2022?

Statistics showing the average refund from the Internal Revenue Service are higher than last year.

Last year, the IRS processed 16.6 million refunds worth $47.7 billion. In February 2021, the average refund was $2,880. However, as of March 18, nearly 52 million refunds had been issued, worth more than $171 billion. The average payout was $3,305. The rebate payout was up 23% compared to last year.

What to do if my tax return is more than 21 days late?

Calling the IRS won't solve the problem, since it's unlikely you'll be talking to a real person.

Until when can I request my tax refund?

The US tax filing deadline isn't too far away, which means anyone looking to receive a tax refund will have to hurry if they don't want to find that they're waiting for a while. April 18 is the deadline to submit all the documentation to get your taxes returned.

Can I request an extension?

The date taxpayers can apply for an extension is April 18, and if accepted, you will need to file your 2021 tax return by October 17, 2022.

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