How soon will I get my tax refund 2022?
The IRS is working diligently to process millions of 2021 tax returns and assuming everything is in order can issue a refund within a matter of weeks.
The 2022 tax filing season kicked off 24 January and unlike the past two years the IRS is not giving you extra time to file. Millions have already submitted their tax declaration for the 2021 fiscal year but fewer than last year at this time.
Although not anyone’s favorite task, filing a 2021 tax return could bring households a much-needed boost to family finances. Several tax credits were increased and expanded to reach more Americans, but they can only be accessed if you fill out a 1040 Form and send it to the IRS.
If you’ve already submitted you 2021 tax return, you are probably wondering where your refund is. You are most likely not alone, millions of Americans have the same query. With the 18 April deadline fast approaching, allow us to provide some clarity on the whole situation.
Tax filing and refunds in 2022
This year households across the US are expected to receive higher refunds thanks to the remaining balance of the Child Tax Credit and the ability to claim the third stimulus checks if it was never received, among other tax credits that were revamped last year. However, there may be some cases, due to changes in earnings, that may see your refund adversely affected compared to prior years.
Facing a historically large backlog of paper returns, the tax agency urged filers to submit as quickly as they can to avoid seeing delays in their refund. However, while filing on or before the deadline is recommended, the IRS also warns against filing "prematurely" as mistakes can cause serious delays in receiving your 2022 refund.
Checking the status of your refund
With many expecting a larger refund this year, they are eager to check the status of their refund.
Refunds can be tracked through the “Where's My Refund?” developed by the IRS. Those who file electronically will be able to use the tracker more quickly as the system will provide you with a status update within twenty-four hours of the return's submission. Those who send in a paper return may need to wait up to four weeks before receiving an update.
While the return is being processed, it will go through three phases, all of which can be seen using the Where's My Refund tool: Return Received, Refund Approved, and Refund Sent.
How long does it take the IRS to send a refund?
If you file electronically, the IRS says that around ninety percent of tax filers can expect their refund within twenty-one days. If it has been longer than twenty-one days, or six weeks for those who submit a paper return, a representative at the IRS can walk through the status of your refund over the phone.
IRS provides tax filing tools
For taxpayers looking to file for free, those with a gross income of $73,000 a year or less can use the IRS' Free File Program. The IRS says that using this program is the fastest way to file electronically along with choosing to receive your refund through direct deposit. All refunds will be distributed through direct deposit so long as a routing and account number is provided.
For those with low incomes in need of correcting an issue related to an audit or refund with the IRS, there are Low Income Taxpayer Clinics (LITC).
Last year, the LNTC helped to "secure more than $5.8 million in tax refunds and reduced or corrected taxpayers' liabilities by over $116 million." These clinics also worked with almost three thousand taxpayers to ensure they were up to date and compliant with the IRS.