As of February 18, the IRS reported that more than 35 million tax returns had been submitted, with an average refund of $3,536. In comparison to last year, this is up from last year’s $2,280. It’s only an estimate, but all households might get more or less than $3,536 in their refunds.
Eligible individuals received $1,400 stimulus checks as part of Joe Biden’s ARP Act. In addition, the president increased the CTC from $2000 to $3600. When tax returns are submitted, millions of families who received advance payments last year will be eligible for up to $1,800 per kid.
Stimulus Checks May Play A Role In The Increase In Tax Returns
Parents received stimulus checks worth $300 for each child under the age of 6 and stimulus checks worth $250 for dependents aged six to seventeen.
Parents who received advance payments should check their mailboxes for Letter 6419, which has already been mailed.
The entire amount of advance child tax credit payments received by taxpayers in 2021, as well as the number of qualified children utilized to compute the advance payments, are included. This letter, as well as any previous IRS letters concerning advance child tax credit payments, should be kept with tax records. Families that chose not to take advantage of the advance tax credits last year may be eligible for stimulus checks worth up to $3,600 per kid when their tax returns are submitted.
The Internal Revenue Service (IRS) encourages Americans to file their tax forms electronically, claiming that refunds should arrive in less than three weeks. The district observes Emancipation Day as a public holiday, with all government offices closed. Since Emancipation Day falls on April 15 this year, the deadline for individual tax returns has been extended till April 18. Individual tax returns must be filed by April 18 to avoid penalties.