Every year Americans rush to submit their tax returns in hopes of a refund from the IRS, and for 2022 the average refund is larger than in 2021.
Over 22 million tax refunds have already been sent out to taxpayers, worth $78 billion dollars.
Many filed their returns as soon as they could when the IRS started accepting them on Jan. 24.
Will my refund from the IRS be bigger or smaller than last year?
Depending on your situation, your refund may be bigger or smaller compared to what you received in 2021.
This is because student loans were paused so there is no interest to claim.
At this time, many collecting the child tax credit will only see up to $1,800. The normal refund is worth $2,000.
The whole child tax credit was worth up to $3,600 this year. Millions opted to collect half of that in 2021.
There may be a delay in tax refunds going out from the IRS this year as they continue to work through their backlog from 2021.
Notices have been temporarily suspended due to the IRS sending notices for tax returns they claimed weren’t filed, but simply had not been processed.
The average refund last year was worth $2,880, but this year it is $3,536.