The IRS announced that, until last Friday, the average tax refund was $2,201 dollars. This money was received by taxpayers about two weeks after the start of the tax season on January 24 of this year, when the Internal Revenue Service started processing returns.
As of last Friday, over $9,500 million dollars in cash refunds have been issued with a little more than 4.3 million returns that generated federal income tax refunds.
To date, almost 15.7 million returns and almost 13 million individual income tax returns have been processed , according to IRS statistics.
It is important to note Note that the IRS is dealing with a backlog of 2020 returns that have remained unprocessed since last year and now need to pull them out.
IRS statistics say they did alr in excess of 4.46 million refunds issued via direct deposit. The average of these refunds is $2,306 dollars.
The IRS started tax season late last year and did not began processing tax returns until 12 February 2021 .
The IRS, by law, cannot issue refunds that include a claim for the Earned Income Tax Credit or the Additional Tax Credit for Children before February 15.
This is because Congress gave the IRS additional time to help the agency stop fraudulent returns that tried to wrongfully cash in on the large refunds generated by these credits. The law was enacted in 2015.
On the other hand, people claiming the Earned Income Tax Credit can expect to see refunds of taxes in bank accounts or on your debit cards for the first week of March.
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