On Friday, the Internal Revenue System (IRS) issued statistics that provide taxpayers with a glance into the beginning of the season.
Till now, the average tax refund was $2,201 as of February 4, nearly 2 weeks after the January 24 kick-off when the Internal Revenue Service started to accept returns.
An aggregate amount of $9.53 billion has been sent out in refund cash with a little over 4.3 million tax returns producing federal income tax refunds.
According to IRS statistics, about 16.7 million tax returns were submitted as of February 4 and about 13 million individual income tax returns have been processed.
The IRS stated that it got 417,595 digitally submitted federal income tax returns for people in Michigan from the beginning of the filing season as of February 4.
What’s essential to consider is that the IRS is coping with a frustrating stockpile of 2020 tax returns that were not processed from earlier this year and required to proceed further.
For example, the IRS statistic mentioned nearly 4.46 million refunds sent via direct deposit. The average is $2,306. But the IRS footnotes hint that the category has direct deposit refunds for returns received in the previous year or the current year but processed in 2022 requesting a direct deposit.
How Do the Early Stats Compare With Last Year?
The IRS had a deferred beginning to the tax season earlier this year and did not start processing tax returns through February 12, 2021. At this point, no year-to-year comparisons exist.
Not all taxpayers who filed early are sure to be receiving a quick refund.
According to law, the IRS can’t process refunds that have a claim for the Earned Income Tax Credit or Additional Child Tax Credit before February 15.
Congress provided the IRS with some more time to assist the IRS to prevent the rise of fraudulent returns that attempted to deceitfully cash in on big refunds made by these credits. The law was enforced back in 2015.
According to IRS alerts, those who claim the Earned Income Tax Credit can anticipate receiving tax refunds in bank accounts or their debit cards by the start of next month.
Trend lines can be difficult to track provided that all tax seasons are never the same.
The IRS mentioned, “For historical perspective, it’s important to remember these weekly numbers can shift dramatically during the initial weeks of filing season due to numerous factors, including the calendar and filing patterns that can change year to year.”
IRS Provides Special Hours to Help Taxpayers
If you have suffered an issue, the IRS is providing some special hours for assistance at its offices.
The IRS Detroit Taxpayer Assistance Center will be available for no-appointment hours between 9 a.m. to 4 p.m. on Saturday. The office is situated at 500 Woodward Avenue in the Ally Detroit Center, near a QLINE streetcar route and East Congress Street.
Those who seek any help to resolve their problems related to refunds, transcripts, ID theft, the advance child tax credit, and other matters. Payments can be done either by check or money order but not in cash. Take all the required documents with you when you go there.
IRS Recommendation to Bring Required Paperwork
The IRS suggests that individuals get:
- Current government-provided photo identification.
- Social Security cards and/or Individual Taxpayer Identification Numbers for all members of their family.
- Any IRS letters or notices got and requested documents.
- A current mailing address.
- An email address.
- Bank account information, to get payments or refunds by direct deposit.