The IRS has issued more than 45 million tax refunds worth a total of nearly $152 billion as of March 11, the agency reported Friday.
Nearly half of Americans are expecting refunds this season, according to a Capital One report, providing a needed financial boost for a large percentage of taxpayers.
The average payment is currently $3,352 through March 11, up $537 from last year's $2,815, but you can still change in four weeks to the April 18 deadline.
The latest filing season statistics come amid a difficult period for the IRS, which is still reeling from tens of millions of unprocessed individual returns from last year.
While the agency issues most refunds within 21 days, a number of factors can cause delays, including paper returns, mail-in payments, errors, or returns affected by identity theft.
"We urge paying special attention to those who received an Economic Impact Payment or Advance Child Tax Credit in the past year," IRS Commissioner Chuck Rettig said in a statement.
"People need to make sure they report the correct amount on their tax return to avoid delays."
The IRS sent about 7.4 million “math error” notices for errors in the stimulus payment from January 1 to July 15, 2021, delaying refunds and many are still awaiting a resolution.
HOW TO KNOW THE STATUS OF YOUR REFUND?
While the IRS couldn't issue refunds for the earned income tax credit or additional child tax credit by law until mid-February, those payments should have reached taxpayers by March 1, according to the agency.