Personal finance

The IRS has sent nearly 58 million refunds. The average payment is $3,263

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The IRS has issued nearly 58 million refunds, which are worth almost $189 billion in total, as of March 25, the agency reported Friday.

Tax refunds are a critical part of many family budgets, and some 46% of Americans plan to save their payments, according to a LendingTree survey, up from 41% in 2021.

The average refund is $3,263 through March 25, $448 bigger than last year’s $2,815. However, with the April 18 deadline approaching, this number may still adjust.

The latest filing season statistics come amid a tough period for the IRS, which is still digging out from millions of unprocessed individual returns from last year.  

While the agency issues most refunds within 21 days, several factors may cause delays, including paper-filed returns, payments by mail, errors or returns affected by identity theft.

“We urge extra attention to those who received an economic impact payment or an advance child tax credit last year,” IRS Commissioner Chuck Rettig said in a statement. “People should make sure they report the correct amount on their tax return to avoid delays.”

The IRS sent about 7.4 million “math error” notices for stimulus payment mistakes from Jan. 1 through July 15, 2021, delaying refunds, and many are still waiting for a resolution.

Your refund status

While the IRS couldn’t issue refunds for the earned income tax credit or the additional child tax credit by law until mid-February, those payments should have reached filers by March 1, according to the agency.     

You can check your refund status with the “Where’s My Refund?” online tool or through the IRS2Go app. You may see an update 24 hours after the IRS has received your electronic filing or four weeks after sending a paper return.

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