Some are already looking at an additional $2.200 in tax refunds

 

Some are already looking at an additional $2.200 in tax refunds

The IRS released statistics on Friday that give taxpayers a glimpse into the start of the season.

So far, the average tax refund was $2.201 as of February 4 — about two weeks after the January 24 kickoff when the Internal Revenue Service began accepting returns.

A total of $9.53 billion in cash was issued, with just over 4.3 million returns being refunded, resulting in a federal income tax refund.

According to IRS statistics, nearly 16.7 million returns have been received as of February 4, and almost 13 million individual income tax returns have been processed.

The IRS said it had received 417,595 electronically submitted federal income tax returns for those in Michigan from the start of the filing season through February 4.

The critical thing to note is that the IRS is dealing with a grueling backlog of 2020 revenue that has remained unaddressed from last year and needs to move forward.

IRS statistics, for example, listed about 4.46 million refunds that were issued via direct deposit. The average is $2.306. But IRS footnotes indicate that the category includes direct deposit refunds for proceeds received in the previous year or current year but processed in 2022 for a direct deposit request.

How do the early stats compare to last year?

LAST YEAR, the IRS had a late start to the tax season and didn't start processing tax returns until February 12, 2021. There are no year-to-year comparisons at this point.

Not everyone who applied early will see a quick refund.

By law, the IRS cannot issue refunds that include a claim for the  Additional Child Tax Credit before February 15. Congress has given the IRS additional time to help the IRS stop the growth of fraudulent returns that have mistakenly attempted to pay cash in the large refunds generated by these credits. The law was passed in 2015.

According to IRS alerts, people claiming the earned income tax credit can expect a tax refund in their bank accounts or debit cards by the first week of March.

Trendlines can be difficult to track because not all tax seasons are the same.

The IRS noted: "For a historical perspective, it is important to remember that these weekly numbers can change significantly during the first weeks of the recording season due to many factors, including calendar and filing patterns that can change from year to year."

If you encounter a problem, the IRS offers some special business hours to help out at its offices.

The IRS Detroit, Taxpayer Help Center, will be open for hours without appointment from 9 a.m. to 4 p.m. Saturday. The office is located at 500 Woodward Ave. In the Ally Detroit Center, near the QLINE Tramway and East Congress Street.

Visitors can enter if they have issues with refunds, transcripts, identity theft, child tax credit, and other concerns. Bring all necessary papers.

The IRS recommends that individuals bring:

The government currently issues a photo ID.

Social Security cards and individual taxpayer-identification numbers for all family members.

Any letters or IRS notices received and documents required.

A current mailing address.

E-mail address.

Also, you should have Bank account information to receive payments or refunds by direct deposit.