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$3,079 Tax Refunds Start To Hit the Bank Account of Taxpayers

Tax refunds
Taxpayers start to receive their tax refunds. (Photo: Annuity)

According to the Internal Revenue Service (IRS), over 63 million Americans have received their tax refunds.

Tax refunds

Taxpayers start to receive their tax refunds. (Photo: Annuity)

Taxpayers Start To Receive Their Tax Refunds

The average tax refund amount is around $3,079, which is 11% less than last year. The refund amount and time of receipt depend on when and how the tax returns are filed, according to a recently published article in The U.S. Sun.

The IRS typically processes tax returns as they receive them, but direct deposit refunds are processed within seven to 10 days. Taxpayers filing electronically can expect to receive refunds within 21 days on average. Taxpayers who file paper checks should expect to wait up to several weeks to receive their refunds.

The IRS has an app called IRS2Go that allows taxpayers to check the status of their refund. To use the app, taxpayers must have their Social Security number, filing status, and the expected amount of their refund. The IRS2Go app is available for both iOS and Android, and it offers free tax help.

READ ALSO: Most Common Tax Refund Scams And How To Avoid Them

Tracking the Tax Refunds

Taxpayers can also check the status of their refund on the IRS website. The website requires taxpayers to enter the same information as the app: tax year, Social Security Number, filing status, and refund amount. The IRS website provides three messages outlining the tax return status: received, approved, and sent.

To help with processing, the IRS has hired over 5,000 new telephone assistors and added more in-person staff. However, if taxpayers provide incorrect information, it is likely that they will receive their refunds much later. Therefore, it is important to have all the necessary information before filing to avoid any extensive processing and refund delays.

Taxpayers should also carefully review their documents to make sure they are not missing any important tax credits they may be eligible for. The deadline for filing taxes this year is April 18.

READ ALSO: 2023 Tax Refunds: Up To $5,350 Payments Being Issued Until April— See Who Receives Them!


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