Americans had their taxes filed by April 18, 2022, unless they filed for an extension. Many are still waiting on their long overdue tax refund.
Many people are saying they filed months ago, well before the deadline.
Millions have yet to see their tax refund for 2021.
While it can be stressful to wait so long for your tax refund, the good news is that the IRS will owe interest on late payments.
Stimulus: $500 tax refund going out to some Americans
Your tax refund may have $121 extra dollars in it this year
The IRS is legally required to pay interest on any return that has not been processed within 45 days of them receiving it.
In 2021 the agency paid out $3.3 billion dollars in interest.
By April 29, 2022, there were still 9.6 million returns needing to be processed.
Stimulus: 8 states that are sending checks
Stimulus payments and child tax credits have created delays due to confusion, resulting in processing times taking longer.
You will get paid the federal short term interest rate plus another 3%.
On April 1, 2022 the rate was 4%.
The average refund is around $3,019, so the interest on it would be $120.76.
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