The Internal Revenue Service issued statistics on Friday that provide taxpayers with an early indication of the start of the tax season.
So far, the average tax refund has been $2,201 as of February 4, which is roughly two weeks after the Internal Revenue Service started receiving tax returns on January 24, when the filing season officially began.
Federal income tax refunds have been granted in the amount of $9.53 billion, with slightly more than 4.3 million returns yielding federal income tax refunds.
According to IRS figures, individual income tax returns have been processed for over 13 million people. Almost 16.7 million returns were obtained via February 4, and nearly 13 million individual income tax returns have been processed.
The Internal Revenue Service said that it had received 417,595 electronically submitted federal income tax returns for Michigan residents from the beginning of the filing season through February 4.
It’s crucial to remember that the IRS is dealing with a significant backlog of 2020 returns that were left unprocessed from the previous year and needed to be handled to go ahead.
The Internal Revenue Service, for example, reports that around 4.46 million refunds were provided by direct deposit. Currently, the average salary is $2,306.
However, the IRS comments state that the category covers direct deposit refunds for returns received in the preceding year or current year but processed in 2022 if the return requested a direct deposit and the return was completed in 2022.
How do the earlier stats compare with the previous year?
IN THE PREVIOUS YEAR, the IRS delayed the tax season and did not start processing tax returns until February 12, 2021. At this time, there are no year-to-year comparisons available.
Not everyone who submitted their tax return early will be receiving a prompt refund.
According to federal law, tax refunds that contain a claim for the Earned Income Tax Credit or Additional Child Tax Credit are not permitted to be issued before February 15.
Congress granted the IRS more time to assist the IRS in halting the proliferation of fraudulent returns that attempted to cash in on large refunds created by these credits incorrectly applied to their accounts. The legislation was passed in 2015.
By IRS announcements, those who claim the Earned Income Tax Credit may anticipate receiving their tax refunds in their bank accounts or on their debit cards by the foremost week of March.
Given that no two tax seasons are the same, it might not be easy to discern trends. “For historical context, it’s essential to realize that these weekly statistics may alter considerably during the opening weeks of filing season owing to a variety of reasons, including the calendar and filing habits that can vary from year to year,” the IRS said.
You may get assistance from the IRS during specific hours at its offices if you’ve run into trouble. ACCORDING TO THE AGENCY, the IRS Detroit Taxpayer Assistance Center will be available for walk-in hours from 9 a.m. to 4 p.m. on Saturday.
A QLINE streetcar line and East Congress Street are within walking distance of the office, located at 500 Woodward Ave. in the Ally Detroit Center.
Visitors may stroll in if they have questions or concerns about refunds, transcripts, identity theft, the advance child tax credit, or any other tax-related problems. Paying using a check or money order is preferable to paying with cash. Bring all of the appropriate documents with you.
- According to the IRS, individuals should bring the following items: current government-issued picture identification.
- All family members should have Social Security cards and Individual Taxpayer Identification Numbers.
- Any IRS letters or notifications that have been received and any documents that have been requested.
- Please provide a current postal address.
- An email address is required.
- Information about your bank account to receive payments or refunds through direct deposit.