The tax deadline is 10 days away. Here is the typical refund up to now

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There are 10 days till April 18, the tax deadline for many Individuals, and the IRS has already despatched greater than 63 million refunds value over $204 billion in whole, as of April 1, the company reported Friday.

Nearly one-third of Individuals do not file till the final minute, in keeping with a report from IPX 1031, and count on a refund of $1,915. Nonetheless, the typical fee is presently $3,226.

Regardless of delayed filings, many Individuals plan to make use of refunds to spice up their funds, with 37% aiming to save lots of the cash and 22% eyeing paying off debt, the IPX 1031 report discovered.

Extra from Good Tax Planning:

Here is a have a look at extra tax planning information.

The newest submitting season statistics come amid a troublesome interval for the IRS, which continues to be digging out from hundreds of thousands of unprocessed particular person returns from final yr.

Whereas the company points most refunds inside 21 days, a number of elements could trigger delays, together with paper-filed returns, funds by mail, errors or returns affected by id theft.

“We urge further consideration to those that obtained an financial influence fee or an advance little one tax credit score final yr,” IRS Commissioner Chuck Rettig stated in an announcement. “Folks ought to make sure that they report the correct quantity on their tax return to keep away from delays.”

The IRS despatched about 7.4 million “math error” notices for stimulus fee errors from Jan. 1 via July 15, 2021, delaying refunds, and plenty of are nonetheless ready for a decision.

Your refund standing

Whereas the IRS could not situation refunds for the earned revenue tax credit score or the extra little one tax credit score by regulation till mid-February, these funds ought to have reached filers by March 1, in keeping with the company.

You’ll be able to test your refund standing with the “The place’s My Refund?” on-line instrument or via the IRS2Go app. You may even see an replace 24 hours after the IRS has obtained your digital submitting or 4 weeks after sending a paper return.