Irs Issues First Batch of Tax Refunds for 2022 Tax Season| New Updates!

The Internal Revenue Service announced today that, as of February 4, it had already distributed more than 4 million tax refunds for the upcoming tax season in the fiscal year 2022. The average amount of returns was $2,201.

  • The total amount of refunds received was 16,685,000.
  • The total number of returns processed was 12,992,000.
  • The total amount of reimbursements is $4,330,000.

Those are the first ten days of the filing season, which began on January 24.

Recommended: Irs Warns Tax Payers to Watch Out for Fraud This Tax Season. Latest News!

The Internal Revenue Service expects to receive 160 million individual tax returns during this filing season for the tax year 2021.

Because these figures can fluctuate substantially during the first few weeks of the filing season, the IRS says it is not possible to make year-to-year comparisons at this time.

In contrast, according to the numbers for Day Eight of the previous filing season, refunds were averaging $2,880 for roughly 30 million returns submitted on the eighth day of the season.

Tax Refunds

Irs Issues First Batch of Tax Refunds for 2022 Tax Season

One explanation for the increased number of returns filed early last year was the fact that the filing season began two weeks later than it did the year before, giving taxpayers more time to prepare their returns before the season began.

In part, this is due to the fact that the vast majority of households with children received advanced child tax credit payments in the second half of 2021, which resulted in refunds being lower so far this year.

The majority of that money was essentially a deposit.

Because Emancipation Day falls on April 15, 2022, the due date for most taxpayers to file and pay is Monday, April 18, 2022, rather than the traditional April 15.

Because of the Patriots’ Day holiday in both states, taxpayers in Maine and Massachusetts have until April 19, 2022, to file their tax returns, according to the IRS.

Tornado victims in Illinois, Tennessee, and Kentucky, as well as wildfire victims in Colorado, will have until May 16 to register their claims and make their payments. Taxpayers who want an extension will have until Monday, October 17, 2022, to submit their paperwork.

According to IRS Commissioner Charles Rettig, who spoke at a recent press conference, there are no plans to extend the April 18 deadline, as has been done in the previous two pandemic years.

Rettig expressed gratitude to taxpayers for their “patience and understanding” as they worked with him and his team.

Because of the epidemic, the Internal Revenue Service has encountered great problems, including the closure of processing sites and the implementation of additional congressional regulations, such as the delivery of stimulus funds and advanced child tax credit payments.

In order to offer individuals the assistance they require and to ensure that they receive their tax refunds, Rettig added, “everyone must work together.”

The remaining backlog of 2020 returns is unusual in its size (6 million individual returns as of December 31). As a result, telephone lines are still congested.

Also Read: Irs Requires Tax Return to Claim Child Tax Credit. Complete Info!

While this is true, the vast majority of taxpayers—those who file electronically (with no errors) and choose direct deposit—should receive their refunds in a reasonable amount of time (21 days), according to Rettig.

According to Kim Corbin, the IRS’s top taxpayer experience officer, taxpayers who claim the Earned Income Tax Credit and/or the Additional Child Tax Credit should expect to get their refunds by the beginning of March.

Make sure you have two key IRS letters on hand before you file your tax return.

If you have children, you’ll need Letter 6419 Advance Child Tax Credit Payments if you want to claim your child tax credit.

If you received a refund that is less than the amount you are eligible for, you will be able to claim a credit for the difference on your 2021 tax return.

It is possible that you will be required to reimburse some or all of the excess payment if you received more than you are entitled to when you complete your tax return.

Is it a good time to buy Capital One stock after it posted better-than-expected results in the fourth quarter?

6475th letter of the alphabet If you received the third-round $1,400 payment, along with any plus-up payments, your Third Economic Impact Payment will specify whether you received the payment.

This information will assist individuals in determining whether they are eligible to claim the Recovery Rebate Credit for missing stimulus payments.

What is the most efficient method of receiving your tax refund? To receive a refund, file electronically and select direct deposit as the method of payment. Using direct debit is the best option if you owe money.

What should you do if you haven’t gotten your refund from the previous year? You still have time to file your 2021 tax return.

You can enter $0 (zero dollars) for your prior year adjusted gross income if your 2020 tax return hasn’t been submitted yet (AGI).

For example, if you used the Non-Filers tool in 2021 to register for an Advance Child Tax Credit payment or an Economic Impact Payment (also known as a stimulus check) in 2021, you should enter $1 (one dollar) as your prior-year adjusted gross income.

Read More: Consider the Facts on Taxing Social Security| Latest News!

Reply