Tax Returns 2022: what is the tax refund schedule and how is it deposited?
Internal Revenue Service is advising tax payers to submit their tax returns as soon as possible, in order to avoid passive delays in receiving their refund.
Last year, millions of taxpayers experienced serious delays in receiving their tax refund from the Internal Revenue Services (IRS). The IRS began accepting tax returns on 24 January and are encouraging people to submit their returns in a timely manner. Additionally IRS Commissionaire Chuck Rettig advised filers "carefully review their taxes for accuracy before filing."
For the vast majority of filers, the deadline is 18 April. A few states that have experienced natural disasters over the last few months, the IRS has offered an extension.
18 April:
What are the tax filing deadlines?
- All states, minus those with individual changes below.
16 May
What are the tax filing deadlines?
- Colorado forest fire victims, 'relief is available to affected taxpayers who live or have a business in Boulder County, but the IRS will provide the same relief to any other Colorado localities designated by FEMA.'
- Tennessee: Those impacted 'by severe storms, straight-line winds and tornadoes that reside or have a business in Cheatham, Davidson, Dickson, Gibson, Henderson, Henry, Lake, Obion, Stewart, Sumner, Weakley, and Wilson counties qualify for tax relief.'
- Washington: After flooding and mudslides occured in the state in November, 'Individuals and households affected by the flooding and mudslides that reside or have a business in Clallam, Skagit, and Whatcom counties and the Lummi Nation, Nooksack Indian Tribe, and Quileute Tribe qualify for tax relief.'
When can a filer expect their return?
The agency says that filers should expect their refund within twenty-one days of submitting an electronic tax return. It is also much more likely that you get your refund sooner if you have provided the IRS with direct deposit information.
One of the factors that contributed to the delays was the backlog of paper tax returns. Paper returns take much longer to process and for that reason the IRS urges payers to file electronically.
"Filing electronically and using online resources instead of calling are just some of the steps that can help people avoid delays," noted Rettig. For those who made less than $73,000 a year, the IRS provides a free online service to pay taxes.
How much was the average tax refund in 2021?
Last year, the average refund sent to filers was around $2,800. This was an increase compared to previous years because of the tax code based as a part of the American Rescue Plan increased tax credits and benefits for many families. Unlike this year, those who have claimed unemployment benefits will have to report the entire benefit amount on their taxes.