While the federal government is not issuing any additional stimulus checks at this time, income tax filers may see their refunds increase in 2022.
The Internal Revenue Service has indicated that typical refunds will be significantly higher this year than they were last year. A correlation appears to exist between the third stimulus check and the high rate of refunds, according to the data.
This year’s deadline for submitting has been extended to April 18 in order to accommodate the Passover and Good Friday vacations.
According to the American Rescue Plan, eligible citizens received a stimulus payment in the amount of $1,400 last year. The Economic Impact Payment, as it was dubbed, was the largest and third stimulus payment announced by the federal government, and it represented the biggest amount.
Citizens who did not receive their stimulus money for a variety of reasons may be able to reclaim it by filing their 2021 tax forms by April 18 of this year. It is critical to file early in order to avoid a last-minute scramble.
Update on the Stimulus Check: A Higher Refund in 2022
According to IRS data released on February 18, 2022, the IRS will have processed more than 33 million income tax returns as of that date.
So far, the average return amount has been $3,536 per customer. This is significantly higher than the $2,880 average award given out the previous year. This suggests that people are receiving an average of $656 more than they did last year.
The figure of $656 is only an average, and taxpayers may receive more or less than that amount depending on their circumstances. However, a higher average suggests that the majority of people will have a better year this year.
- Thousands Will Receive Up to $4,000 in Stimulus Cheques and Other Rewards This Month. Do You Qualify?
- Do You Know Who Is Going to Get a Monthly Internet Stimulus Check?
- As a result of the Stimulus Checks and Tax Returns, Taxpayers Will Get an Additional $650.
There is a strong probability that the size of the refund stimulus check will vary when the IRS reviews even more tax forms in the coming months. When the Internal Revenue Service publishes additional information, this will become clear.
In the past, it has been observed that the average refund estimates might change drastically in the final weeks before the filing deadline due to a variety of variables.
This year, it is expected to be no different. However, for the time being, it is clear that the larger return amount is tied to the payment of the stimulus check-in 2021.