As of today, the IRS has issued nearly 8 million 2022 tax refunds. These tax refunds total roughly $15.7 billion dollars. The IRS is clearly working faster than they did last year due to the effects of the pandemic beginning to slow down. The question you might have now is how much you should actually expect to receive on your refund. In this article, we will give you an estimate of how much you should expect to receive and how you can know for sure.
What makes this year different?
As we mentioned before, the IRS has already issued roughly 8 million 2022 tax refunds. The IRS has clearly stepped up their game from last year, as this is an increase in the number of refunds issued from last year. This is in response to the estimated 168 million tax returns the IRS is expecting to receive this year. This is a large increase from last year, and as a result, the IRS hired about 5,000 new telephone assistors and in-person staff to assist taxpayers this year.
The COVID-19 pandemic caused the IRS, which is already busy this time of year, to have a much rougher past couple of years. This staff hiring was certainly needed, and it’s already showing that it’s paying off.
How much should you expect to receive on your refund?
You’re likely wondering now how much you should be expecting to receieve from your 2022 tax refund. The answer to this question is of course different for every individual, but we can still provide an average of what has been received so far. As of right now, the average received on 2022 tax refunds is $1,963. This is less than the average of last year, which was $2,201. This doesn’t necessarily mean that people are receiving less this year than last year but is a result of more people filing this year than they did last year.
The IRS has currently processed about 16.3 million tax returns. This is a 29% increase from previous years. As a result, the average amount is going to be smaller than previous years.
When will you receive your refund?
This is likely one of the number one questions you have in regard to your 2022 tax refund. Thankfully for us, the IRS has an extremely handy tool on their website that lets you check the status of your tax refund. In order to check, you simply need your social security/taxpayer ID number, your filing status, and the exact refund amount on your return.
Keep in mind that the IRS states you will need to wait at least 24 hours if you filed electronically. Otherwise, if you filed by paper, you’ll need to give it at least 4 weeks before you can use the tool to check your refund status. If you aren’t checking the status of a 2022 tax refund, and are rather checking a 2020 or 2021 refund, you’ll need to give it at least 3-4 days.
How do you receive your refund quicker?
Now that you understand how to check for your refund status, you might be wondering how you can receive it quicker. The most important thing to do if you want to receive your refund faster is to be careful with how you initially file your taxes. As we mentioned before, filing electronically will be the fastest way you can check, but it’s also the fastest way you’ll receive your refund as well.
This IRS states you should file electronically and with direct deposit in order to receive your 2022 tax refund as soon as possible. Should you do this and not have any errors on your return, you can expect for your refund to be issued within 21 days.