The tax season for 2022 is currently underway, with the IRS putting out some important data about how many stimulus checks the average American will be receiving this year.
The filing season statistics of the tax agency that ended on the 24th of March did highlight that the average amount for refunds was considerably smaller than it was the previous year. The IRS, as it is well-known, had already warned the public that this could be a likely case this year- largely because the government at the federal scale hasn’t yet authorized any stimulus payments in the last couple of years.
Citizens Could Receive A Lower Stimulus Check Payment This Year
According to the IRS data for this week, the average tax refund that was issued in the form of stimulus check payments to the varied tax filers was $2,903. While this does seem like quite a generous sum, the average refund just the previous year was settled at $3,263- when the data was released for the week that ended on the 25th of March, 2022.
This does imply that the average amount of refund has gone down by 11% this year- when compared to the amount the previous year- which is, indeed, quite a significant decline. Interestingly, the IRS has already issued just $172.263 billion in refunds this year- when compared to a sum of $188.687 billion the previous year. This figure looks worse when we realize that the government had issued a higher number of refunds this year than the previous year.
Multiple changes that took place in the stimulus policy have been quite an important factor in the refunds that were reduced this year. The stimulus check payments that are coming this year- when the federal government hasn’t provided any stimulus funding.