IRS Tax Refund 2022: Updates About Tax Returns Filing & When to Expect Tax Refunds?

The IRS issues an annual tax refund for almost three-quarters of the population in America. Undoubtedly, it is one of the biggest family checks that Americans get. As this tax season has begun on January 24th, we have all the IRS Tax Refund 2022 updates.  

IRS Tax Refund Began on Monday

Last year, around 30 million taxpayers received returns as well as refunds. Now, for this year, the Treasury Department officials have already altered the challenges that are going to take place when IRS will process the returns from January 24th.

It is because the IRS is yet to deal with the large backlogs of returns that were not processed in 2021. If you consider the numbers till December, there are 6 million pending returns. But the numbers have been reduced by a huge margin since there were 30 million unprocessed returns during May.

Citizens are worried about the delay in tax returns 2022. But the IRS clarified that a huge percentage of Americans will receive their refunds in just 21 days of filing their returns.

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If there are any errors such as stating incorrect numbers regarding your credit received or mathematical problems, then your return has the chance of getting flagged. This may lead to long delays that may continue for weeks or months. So, be careful with the numbers you are mentioning.  

Internal Revenue Service (IRS) is now ready to disburse tax returns. Thus, the wait is over. 

From Monday onwards, the tax season started. Many people will be getting the Recovery Rebate Credit in case one didn’t get the pending stimulus money. Besides, if one didn’t get the money as projected for 2021, they will get the pending amount.  

“Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop these past several months to prepare,” IRS commissioner who has been currently under pressure went on to state, “The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays. Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. People should make sure they report the correct amount on their tax return to avoid delays.” 

IRS Tax Refund 2022
IRS Tax Refund 2022

When Will the IRS Start Releasing the Tax Refunds?

You have plenty of time left to file your taxes as the last date for filing is 18th April 2022. However, the sooner you choose to file and submit the returns, the faster you will receive your deserving tax return.

As mentioned before, the IRS is working hard to ensure that there are no delays with the refund and so, they have assured to process the return in just 21 days. However, the taxpayer must have to qualify for receiving the return and also choose the option of e-filling for avoiding hassles. Filling paper returns can take days to process and it may result in ultimate delays. 

If one compares it to last year’s return, the average tax return amount was over $2,800. The Americans are looking forward to getting their returns since a lot of stimulus checks are still pending.

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Now there are something’s that the taxpayers must note. IRS isn’t allowed by the law to issue or process tax refund payments when it is related to Earned Income Tax Credit or Additional Child Tax Credit.

It cannot be carried out until mid of February 2022. So, the wait is long enough. But one can file a return anytime from 24th January. It is recommended to file as soon as possible. 

For individuals who need to take the aid of an IRS employee or require some sort of special handling may have to face delays. It can take above 21 days to get the refund. If you find any delays of such kind, then IRS will owe you an explanation. 

The process isn’t as complicated as it seems. One needs to keep a check on their due payments and file according to get the due returns. So, start filing today.

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