The IRS has started to release updates on where they themselves, and Americans, are at in the tax return process.
The average refund is around $2,323 this year.
9 million tax returns have been processed since Jan. 24 when the IRS began accepting them.
This data was shared by the IRS on Feb. 11.
Filing with the IRS quickly
If you can’t decide between paper or electronic filing, the electronic will always get your return processed faster.
The same goes for choosing a paper check or direct deposit with your refund.
Choosing direct deposit will get you your refund much faster than if you wait for a paper check in the mail.
For direct deposit you can see your refund in less than three weeks.
Paper checks may take 6 to 8 weeks.
As of Feb. 18, the IRS has reported 26.4 million returns being received.
By that same date, according to The Sun, 23.4 million have been processed.
Keep in mind that the IRS is attempting to have a more normal tax season, but they’re still processing 2020 tax returns.
Will the IRS see a delay during the 2022 tax season?
There may be delays with returns if wrong information is filed.
This means things like incorrect amounts for stimulus checks or child tax credit payments could cause major delays in processing.
There don’t appear to be any major issues with that happening yet.
The IRS sent letters to individuals who received these payments with the correct amounts to report.
IRS Letter 6475 and 6419
Letter 6475 reports to you how much you received for your third stimulus check so you can report that amount on your return.
Letter 6419 has what you received for child tax credits.
If you received the child tax credit payments, you need to file a tax return to receive the rest of the credit.
Whatever the difference between what you received and the entire credit is, is what you can claim.
If you did not get the entire stimulus payment but were entitled to it, you can claim the difference with the recovery rebate credit.
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