As a result, millions of Americans are wondering when the IRS will start releasing Tax Refunds, and here we provide all the necessary information.
Tax season will get underway in the United States on January 24, 2022, the Internal Revenue Service (IRS) has announced, so it will not be too long before the topic of tax refunds begins to enter people’s minds.
Schemes such as Child Tax Credit will see some receive what is called a Recovery Rebate Credit if there is any money they are owed after comparing their 2021 advance credits and the remaining stimulus money.
“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,” said IRS commissioner Chuck Rettig.
“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.”
When will tax refunds be released?
While the deadline to file your 2021 taxes is April 18, 2022, the sooner you are able to do it the sooner you might receive a tax refund. In fact, last year’s average tax refund was more than $2,800.
The IRS predicts that the majority of taxpayers will receive a tax refund – if they qualify – within 21 days of it being filed electronically, with the advice being to avoid filing a paper return if you do not want to incur any delays.
It is important to remember that, by law, the IRS cannot issue a tax refund involving Earned Income Tax Credit or Additional Child Tax Credit before the middle of February, yet you can still file your return from January 24.
Should your tax return require special handling by an IRS employee, it could take more than the usual 21 days to issue any refund. If this ends up happening to you, the IRS may correct the issue and then send an explanation.