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Federal Income Tax Refunds Amount to an Average of $2,323 for Early Filers.

The IRS provided new data on tax returns and refunds on Friday.

The average tax refund was $2,323 as of Feb. 11, roughly three weeks after the IRS began accepting returns on Jan. 24.

Some early filers with simple returns report quick refunds.

Refund delays are possible if filers fail to record the third stimulus payment in 2021 or fail to reconcile advance payments for the child tax credit last year with what is still payable in 2021.

“My clients seem to be getting their refunds,” said Antonio Brown, a CPA in Flint and member of the Michigan Board of Accountancy.

Early filers who claimed the earned income tax credit will not receive refunds until early March, the IRS warns.

Brown said he hasn’t seen concerns or holdups with those refunds as long as tax returns disclose the economic impact payments and the advance child tax credit correctly.

The IRS sent Letter 6419 for amounts received for the child tax credit advance payments in 2021 and Letter 6475 for information on the third stimulus instalments commencing in March 2021.

My clients must either present these letters or obtain the information from the IRS website, Brown said.

Some could get an extra $2,200 in tax refunds.

Up until Feb. 11, over 9 million refunds totaled nearly $20.9 billion.

According to IRS figures released Friday, the IRS received 26.4 million individual tax returns through Feb. 11 and processed 23.4 million.

Since the start of the filing season through Feb. 11, the IRS said it has received 652,035 electronic returns from Michigan taxpayers.

Notably, the IRS still has a backlog of 2020 returns from last year that must be handled.

The IRS announced over 9.04 million direct deposit refunds through Feb. 11, roughly double the number reported a week ago.

The latest figures showed an average refund of $2,400.

The IRS annotations state that the direct deposit category includes refunds requested for prior or current year returns processed in 2022.

Tax refunds and overdue returns have kept the IRS busy this week. The IRS sent roughly 4.5 million direct deposit refunds through Feb. 4, according to figures released last week.

The IRS postponed the start of tax season last year, and didn’t begin processing returns until Feb. 12, 2021 – months after this year’s Jan. 24 start.

Up till Feb. 12, 2021, 20.6 million tax returns were filed. So, through February 11, we’re expecting a 28% change.

The average refund was $1,900 through Feb. 12, 2021, but only 1.1 million were issued.

My clients must either present these letters or obtain the information from the IRS website, Brown said.

Some could get an extra $2,200 in tax refunds.

Up until Feb. 11, over 9 million refunds totaled nearly $20.9 billion.

According to IRS figures released Friday, the IRS received 26.4 million individual tax returns through Feb. 11 and processed 23.4 million.

Since the start of the filing season through Feb. 11, the IRS said it has received 652,035 electronic returns from Michigan taxpayers.

Notably, the IRS still has a backlog of 2020 returns from last year that must be handled.

The IRS announced over 9.04 million direct deposit refunds through Feb. 11, roughly double the number reported a week ago.

The latest figures showed an average refund of $2,400.

The IRS annotations state that the direct deposit category includes refunds requested for prior or current year returns processed in 2022.

Tax refunds and overdue returns have kept the IRS busy this week. The IRS sent roughly 4.5 million direct deposit refunds through Feb. 4, according to figures released last week.

The IRS postponed the start of tax season last year, and didn’t begin processing returns until Feb. 12, 2021 – months after this year’s Jan. 24 start.

Up till Feb. 12, 2021, 20.6 million tax returns were filed. So, through February 11, we’re expecting a 28% change.

The average refund was $1,900 through Feb. 12, 2021, but only 1.1 million were issued.

Some early filers will have to wait longer for refunds if they claimed the EITC.

IRS cannot provide refunds with earned income tax credit or child tax credit claims before Feb. 15. Congress extended the IRS’s time to curb the spread of bogus returns claiming large refunds from these credits. It was passed in 2015.

Those claiming the earned income tax credit should receive their refunds by the first week of March.

According to Erin Collins, the National Taxpayer Advocate, 77% of individual returns processed last year resulted in refunds.

This tax season, the IRS is under fire after millions of people waited months for their tax refunds. Still waiting for 2020 refunds.

Last year, Collins said, taxpayers checked their refund status on IRS.gov over 632 million times.

Notably, “Where’s My Refund?” at IRS.gov does not list unprocessed returns. Delays in processing returns or activities required by taxpayers are not explained by that online tool.

“Processing delays impacted refunds,” Collins added. “Delayed refunds can cause financial difficulty for many taxpayers, especially low-income.”