The federal filing deadline for this year isn’t until May 17, but industrious Americans have already turned in almost 85 million tax forms, many of them in the hopes of getting a sizable government refund.
The IRS has processed approximately $164 billion worth of tax returns this season, or 57 million refunds, according to the most recent filing numbers. The typical refund comes to $2,902.
Even though taxpayers always look forward to receiving their refunds, this year’s wait might seem especially painful. Because of the missing monies from the coronavirus stimulus check, the IRS is altering refunds for the 2020 tax year. If your first or second Economic Impact Payment was inaccurate, you could reclaim the Recovery stimulus check on your tax return. The IRS will either add the money it owes you to your refund or take that money out of your tax bill.
How To Track Your Stimulus Check Payment Owed Since 2020:
Once your taxes have been filed, you need to be patient because tax refunds are often given within 21 days. There are a few measures you may take to find out the status of your tax refund, though, if you’re impatient.
You’ll need to have your Social Security card number or Individuals compatriots Identification Number, your filing status, and the anticipated amount of your return to be able to trace it down. One of three statuses—”return received,” “refund approved,” or “refund sent”—should be returned by the tool. Every night, the information usually gets updated.
Your refund can be delayed if your return has errors, is incomplete, you calculated the Recovery Rebate Credit improperly, or there is a fraud problem. By your bank’s weekend and holiday processing patterns, your refund can also get delayed.