As tax season winds down, you could soon see an IRS refund hit your bank account. Millions of taxpayers across the U.S. are scheduled to receive an average refund of $2,939 before May 31 — here’s what you need to know if you’re still waiting.
When Will Your IRS Refund Arrive?
The IRS confirmed that most refunds are being processed and deposited quickly this spring. According to the IRS website, taxpayers who filed early and opted for direct deposit can expect payments to arrive within 21 days of their tax return acceptance.
Refunds averaging $2,939 are on track to be deposited before the end of May. The IRS advises taxpayers to check their refund status using the “Where’s My Refund?” tool online or through the IRS2Go mobile app.
Who Is Receiving the Largest Refunds?
Data from the IRS shows refunds vary widely based on income, deductions, and credits claimed. The average refund of $2,939 reflects a boost compared to recent years, partly due to changes in child tax credits and earned income tax credits.
Low-to-moderate income families are among the primary beneficiaries this year, as several COVID-19 relief measures and updated tax brackets continue to influence refund amounts, according to CNBC’s recent report.
What Should You Do If Your Refund Is Delayed?
If you haven’t received your refund and it’s been more than 21 days since filing, the IRS recommends double-checking your return status online. Errors or incomplete information can cause delays.
You can also call the IRS refund hotline at 1-800-829-1954 for assistance. Be sure to have your tax return details and Social Security number handy. The IRS warns taxpayers to avoid scams by only using official IRS resources.
How to Track Your Refund Safely
Use only official IRS channels like the website or the IRS2Go app to monitor your refund. Avoid third-party sites that promise early access or faster refunds, as these may be fraudulent.
Setting up direct deposit with your bank speeds up payments and is the safest way to receive your refund.
Stay informed and follow us for more local updates on tax refunds and financial news. You can also explore our coverage of tax tips and filing deadlines to make next year easier.
This article was written by John Deluca. AI was used lightly for grammar and formatting, but the ideas, words, and edits are all mine.
