IRS Tax Refund: Could You Receive a Major Refund in 2022?
IRS Tax Refund: Could You Receive a Major Refund in 2022?

IRS Tax Refund: Could You Receive a Major Refund in 2022?

In 2022, tax refund were generous to taxpayers. With another problem added to the equation (gas price increase due to the Russian invasion), tax refund could provide some necessary money to families.

According to Internal Revenue Service (IRS) figures, in 2021 the average repayment was in March $ 2,815.

In 2022, taxpayers experienced one increase of 13.7 per cent in the average federal tax refund amount. Until March 4, the taxpayers received $ 3,401.

In fact, you could receive one major reimbursement for your 2021 taxes (due in 2022) after sending them.

Nevertheless, it is not.

According to Sandra Block, “Taxpayers who were eligible for a third economic impact payment and did not receive a check or received less than the full amount will be able to claim the recovery rebate credit when they file their 2021. tax return.”

The credit is worth $ 1,400.

Meanwhile, families who claimed the extended CTC $ 3,600 in 2021 will have the opportunity to claim it during the tax return season.

The IRS reported that they received 54.7 million individual income tax returns. That is less than 2% lower than last year’s figures.

However, the same IRS already treated more than 53 mio returns. An increase of 8.3% compared to March 2021.

That IRS still struggling with delays from 2020 tax season. However, if you have filed your tax with expectation, the chances of receiving your tax refund on time are greater.

Can I get a small refund?

Tax experts believe that not all taxpayers will get a bigger refund. Tax professionals and Susan Tompor got different reasons:

– Many who are back at work experience higher wages, which can even put them in a higher tax framework than the year before.

-A unemployment benefits are taxable in 2021 and you may end up paying tax on unemployment benefits now.

-The advance child tax deduction was “advanced”. Taxpayers received a benefit in advance.

– Taxpayers do not see an interest deduction on student interest on federal student loans because they did not make any payments in 2021.

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