The federal is not sending out any more stimulus checks at the moment but income tax filers could be in for higher refunds in 2022. the IRS has revealed that the average refunds this year will be much higher than last. It appears that there is a connection between the 3rd stimulus check and the high rate of refunds. The final date of filing this year has been increased to April 18 due to Passover and Good Friday holidays.
Last year eligible citizens received a stimulus check of $1,400 under the American Rescue Plan. Termed the Economic Impact Payment, this was the highest amount and the third stimulus payment announced by the federal administration.
Citizens who for various reasons did not receive their stimulus check could claim it by filing the 2021 returns by April 18 this year. it is important to file early to avoid a last-minute rush.
Stimulus CHeck Update: A Higher Refund In 2022
Return data released by the IRS show that by February 18, 2022, it has so far processed over 33M income tax returns. The refund amount so far has been $3,536 on average. This is way above the $2,880 average given out last year. This indicates that people are on average getting $656 more than last year.
The figure of $656 is just an average and taxpayers might get more or less than that figure. But a higher average indicates that most people will have it better this year.
There is every possibility that the refund stimulus check amount could change as the IRS processes even more filings. This will only be revealed when the IRS releases additional data.
It has been seen in the past that the average refund figures can alter dramatically in the final weeks before the filing deadline due to several factors. But for now, it is obvious that the bigger refund amount is linked to the stimulus check payment in 2021.