Tax season can be grueling and stressful. It’s either filling out documents and crunching some numbers yourself or paying someone else to do it all for us.
At the end of the day, there’s one part of tax season that many people seem to like. That is getting that tax return money after filing. Depending on what you claim each year, your tax return money is going to differ. Some people prefer to get as much money as possible on their paychecks, which will lead to them not getting much of a return.
Your tax return file consists of sharing your adjusted gross income, expenses, and other financial information with the IRS. Most of this information is actually going to come from your W-2
So, what is the average tax refund in 2022 going to look like?
According to The Sun, the average refund amount is $3,536 for tax returns processed through February 18. So far, about 25 million Americans have filed their taxes with far more that will be rolling in over the next month or so. That’s 33% more people compared to this time last year.
The IRS started accepting tax returns on January 24 to try to make it a smoother tax season for everyone. The IRS issued out $72.8 billion in tax refunds via direct deposit, which is 67% more than this time last year. It seems like the IRS is keeping on top of it all.
These numbers will all shift week after week as tax season continues.
“It’s important to remember these weekly numbers can shift dramatically during the initial weeks of filing season due to numerous factors, including the calendar and filing patterns that can change year to year,” the agency noted.
For those still waiting to file, you should act soon. You have until the federal tax filing deadline, which is April 18.
When to Expect Your Tax Refund?
Most people who file taxes can expect to get their tax returns within 21 days of filing.
This is obviously dependent on a number of factors. First of all, you will get your taxes sooner if you opt for direct deposit. Also, filing electronically and making sure there are no problems with your returns are other huge factors.
Also, people who are claiming the Child Tax Credit and the Earned Income Tax Credit are going to face longer delays when it comes to getting this return back. According to CBS News, this is because of a law that is made to deter frauds connected to these two tax credit programs. Some people will try to claim someone else’s refund as their own.
For those who filed early in the season, expect checks close to the first week of March. There are about 30 million families filing for the Child Tax Credit and 25 million people claiming the Earned Income Tax Credit.