Many Americans filed their tax refunds as soon as the IRS began accepting them on Jan. 24, 2022.
While the rule of thumb is that filing your tax return sooner will get you your refund faster, that is not always the case.
A lot of families claiming certain credits could not see their refund legally sent until mid-February.
There are around 2.5 million Americans who filed their returns but are still waiting on their refund, and many can expect it today.
More people were able to claim the child tax and earned income credits this year, which add to the wait time for processing and a refund.
This delay is an attempt to help eliminate fraudulent claims.
Who is getting their refund from the IRS today?
Those that claimed the CTC and/or EITC may see their refund.
This is only true if you filed online, chose direct deposit, and submitted an error free return.
You may also track your refund using the Where’s My Refund tool.
As of Feb. 18, the average refund has been $3,536.
What are the tax credits causing the IRS to take longer to send refunds?
The EITC is available for low to moderate income working families.
In 2021 a family with 3 or more kids could see as much as $6,728 in their refund.
The average EITC is worth $2,411.
The child tax credit was worth half the refund this year if parents received payments last year.
That means you could collect up to $1,800.
File your taxes with the IRS on time
Over the course of the pandemic, tax deadlines were pushed back significantly in 2020 and 2021, but that is not the case for 2022.
For 2022 the deadline will be April 18.
Normally it’s April 15, but in honor of Emancipation Day it’s been pushed back.
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