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Tax Refund: Is yours late? The IRS may owe you money

Many people filed their tax returns by the deadline on April 18, 2022, and still have not seen their tax refund.

cash and tax refund from the IRS with interest for filing a tax return

There are almost 10,000 unprocessed returns that the IRS is still working on.

Because your refund is so late, you may be owed interest on your tax refund.

The IRS will enforce late penalties on Americans, and likewise, they will be charged interest for late tax refunds.

Tax refunds and IRS interest

Returns are still arriving at the IRS, and now taxpayers are experiencing major delays.

The IRS stated the average time for a refund would be about 21 days from the day it was received.

Millions of Americans opted to e-file and receive their tax refund by direct deposit to avoid a delay, yet still experienced one.

Where is my refund?

If you don’t receive the tax refund you’re owed within 45 days of filing electronically, then you are legally owed interest for each day it’s late.

The interest rate for the second quarter is currently 4%.

In 2020 the average interest paid to taxpayers for late refunds was $18.

The IRS stated that many returns are delayed due to things like stimulus payments and the child tax credit.

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These types of returns can take up to 14 weeks to process.

There were still 9.8 million tax returns needing filing as of May 14.

2.4 million of them need correcting and another 7.4 million are paper returns waiting to be processed.

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