Americans started submitting their tax returns to the IRS on Monday, Jan. 24. Many are now anxiously awaiting their refunds.
The faster you send them in when tax season starts, the more likely you are to see your refunds quicker.
It’s best to submit them earlier in the season rather than later.
Child tax credit: How much of a tax payment does each child get?
Tax refunds from the IRS in 2022
Tax season should be closer to normal this year compared to the last two years.
While that’s the IRS’ goal, it does not mean it’s likely.
There were a lot of changes, expansions, and credits added this year that the IRS has not processed before.
Child tax credit: Some received an incorrect Letter 6419
Many people will be getting the recovery rebate credit in their refund this year.
This is for those who were entitled to more, or the entire amount, of stimulus payments in 2021.
The final day to file your tax return will be Monday, April 23.
The average tax refund for 2020 was around $2,800.
If you file a completely correct return, the standard time it will take for you to see your refund is around 21 days.
Child tax credit: How much of a tax payment does each child get?
This is for those who file electronically and choose direct deposit as their method of payment.
If you claim the earned income tax or child tax credit you will not see your refund until after the middle of February.
Legally, the IRS must validate its accuracy for those credits.
If you need your return reviewed by an employee with the IRS it could take longer than 21 days.
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