![]() ![]() Many people got jobs: In 2022, employers ended up adding an unprecedented 4.5 million jobs. The same is true for economic stimulus payments and the recovery rebate credit, which is not on the 2022 tax return. Many people due refunds could be able to file earlier this year than last because they don't have to spend as much time making sure their paperwork is in order. Families, for example, didn't receive the Advance Child Tax Credit in 2022 so, unlike last year, they don't have to dig up letters from the IRS or find information about how much money they received months ago before filing a tax return. But many people are looking at less hassle this tax season than last year. I know that taxes continue to trigger a great deal of stress in our lives. The best guess is that there could be a few things at play here: The IRS has not answered questions about why there are so many more refunds being issued this year than last. If you're looking for a simple answer to explain the spike, good luck because I sure haven't found one. Some 59.3 million refunds were sent to taxpayers across the country through March 24. The spike in the number of refunds early in the tax season is somewhat puzzling especially when you consider that some key pandemic-related tax breaks came to a halt. Tax diversification can help you save: Here's what to consider with your retirement funds. Thinking about investing your refund?: Here's how much you can make from investing your tax return every year Many people, no doubt, are upset to see a smaller refund, even though they might have heard that it was a possibility.įor many filers, refunds are down because we're looking a the elimination of the generous Advance Child Tax Credit and the recovery rebate credit on 2022 returns. "If you filed on paper and are expecting a refund, it could take four weeks or more to process your return," according to an IRS update posted online Jan. But often refunds for e-filed returns are issued in less time than that. It can take up to 21 days to receive a federal income tax refund via direct deposit. If you do get the refund through direct deposit, experts say check with your bank to see when the money is actually available in your account, as that can vary by bank. But not on weekends or holidays.Ī refund check could show up in the mail on a Saturday, too. When does refund cash hit bank accounts? Tax refunds post via direct deposit every business day Monday through Friday. Here's whyĭoing your own taxes?: The best tax software How long it's taking to get a refund once mailed ![]() Why is my tax refund so low?: Tax refunds in 2023 could be smaller, take longer. Purchasing I Bonds with tax refund: What to know about rates, deadline, restrictions Oddly enough, the IRS has issued about 1.5 million more refunds than last year - up 2.6% - during about seven weeks of the tax season. The average refund was $2,903 - down 11% from a year ago - for early tax filers whose returns ended up being processed by the Internal Revenue Service through March 24. That's based on the latest IRS data posted online Friday. ![]() After weeks of warnings, many people aren't surprised to see that the average tax refund is a good deal smaller than a year ago. ![]()
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