IRS Has Issued $9.5 Billion In Refunds At Present: Check Recent Updates

IRS released the tax refund figures till February 4; beneficiaries received refunds worth $9.5 billion. The average amount per individual was $2,201. IRS had processed more than 4.3 million payments till February 4. The last date for filing the returns is April 18. IRS will issue tax refunds based on the tax return information. Yahoo Money reports that more than 16.7 million taxpayers filed tax returns till February 4. The IRS also faces a considerable backlog of 2020 returns. The IRS officials face additional pressure due to extra tax information and more filing this year. The IRS faces staff shortages as many workers called in sick during the pandemic.

IRS Has Issued $9.5 Billion In Refunds At Present: Check Recent Updates

IRS Have A Pile Of Unprocessed Payments

The IRS is already behind the eight ball in tax return processing. This year, the officials and tax advisors warned taxpayers of the imminent delay in tax refunds. The early filers will not necessarily receive the repayments on time. Yahoo Money reports that IRS cannot issue the Earned Income Tax Credit or the Additional Child Tax Credit before February 15. The eligible taxpayers will start to receive deposits in their bank accounts or debit cards from March’s first week. IRS issued Child Tax Credit to millions of low-income parents.

Beneficiaries Will Receive The Remaining CTC

Child Tax Credit beneficiaries have received the first half of the credit amount in six equal monthly payments. The remaining amount is due when the taxpayers file the 2021 tax returns. The IRS will issue the remaining amount after verifying the necessary details. The taxpayers need to fill in the correct information to receive tax refunds and CTC payments on time. Individuals who didn’t receive stimulus payments can claim the recovery rebate credit in the tax returns. The beneficiaries with an additional child in 2021 are eligible for another credit in 2022.

Earlier, IRS issued two letters to inform the beneficiaries regarding the federal payments. Taxpayers need to refer to these letters while filing their returns. IRS will match the information with the letters. The IRS officials also advised the individuals and parents to visit the IRS official website to gain extensive knowledge about the pending payments; they can also seek expert advice.

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