According to Irs Data, About 78 Million Tax Refunds Have Been Issued!
Individuals who filed their income tax forms before the deadline will receive their refunds as soon as possible. The IRS has approved the bulk of tax refunds, and most taxpayers received them within 21 days.
By the 15th of April, the IRS had already issued more than 78 million tax refunds totaling $242 billion, with the average refund this year being $3,103.
If you file your tax return electronically, you will receive your refund within 21 days
Individual tax returns, on the other hand, maybe delayed due to a variety of factors. According to the IRS, if any filing needs to be double-checked for any errors, identity theft issues, or missing information, the refund will take some time to arrive.
The IRS had previously rejected millions of tax returns due to problems with a stimulus check payment.
As a result, the Department issued a caution this year to those who received the advance child tax credit or stimulus funds to correctly complete the form.
According to Chuck Rettig, the Commissioner of the Internal Revenue Service, taxpayers must write the exact amount when filing tax returns.
According to Erin Collins, a National Taxpayer Advocate, the IRS is having a lot of problems with paperwork, which resulted in a backlog in December of last year. There were 5 million complications with filing income tax returns, with the majority of them still outstanding.
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According to him, electronically filed income tax returns will arrive within 21 days, whereas paperwork-based returns could take up to six months.
This year, 96 percent of the returns were filed electronically, totaling more than 118 million returns. The data will alter, though, because the deadline has been extended until October 17th.