Over 22 million tax refunds have been issued by the IRS, with an average payment amount.

Over 22 million tax refunds have been issued by the IRS, with an average payment amount.
Over 22 million tax refunds have been issued by the IRS, with an average payment amount.
  • Over $78 billion in tax refunds has been issued by the IRS to more than 22 million individuals, as reported by the agency on Friday.
  • The average refund as of Feb. 18 was $3,536, a $700 increase from last year's payment of $2,815, according to data up to Dec. 3.
  • You can check your refund status through the "Where's My Refund?" online tool or the IRS2Go app.
The average tax refund is 10.4% lower than last year according to the latest Internal Revenue Service data, and inflation is taking more of those dollars.
The average tax refund is 10.4% lower than last year according to the latest Internal Revenue Service data, and inflation is taking more of those dollars. (Bill Oxford | E+ | Getty Images)

More than 22 million tax refunds worth around $78 billion have been issued by the IRS since the start of the tax season on Jan. 24, the agency announced on Friday.

The average refund as of Feb. 18 was $3,536, $700 more than last year's payment of $2,815, but this average may change as millions of Americans file their returns.

Some experts predict that families who received the advance child tax credit, borrowers who paused student loan payments, and investors with sizable mutual fund payouts may receive smaller refunds.

The IRS is still dealing with millions of unprocessed individual returns from last year, making the latest filing season statistics challenging.

Delays in refund processing may occur due to various reasons such as paper-filed returns, payments made by mail, errors, or returns impacted by identity theft.

IRS Commissioner Chuck Rettig advised extra attention to those who received an economic impact payment or an advance child tax credit last year, urging people to report the correct amount on their tax return to avoid delays.

Over 7.4 million "math error" notices were issued by the IRS from January 1 to July 15, 2021, resulting in delayed refunds, and many individuals are still awaiting resolution.

Check your refund status

According to the IRS, although the agency was unable to issue refunds for the earned income tax credit and the additional child tax credit until mid-February, the payments should reach filers by March 1.

You can check your refund status through the "Where's My Refund?" online tool or the IRS2Go app. An update may be available 24 hours after the IRS receives your electronic filing or four weeks after sending a paper return.

IRS overwhelmed, as some taxpayers still await refunds from last year
by Kate Dore, CFP®

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