It ’tis the season for government money.
In addition to $1,400 stimulus checks flowing into U.S. bank accounts, don’t forget it’s also tax refund time.
The IRS said Thursday more than 42 million tax refunds have been issued for the first month of tax season with the average refund check being $2,967. That amount is down $6 from last year.
And here’s yet another reason that could be cause for celebration. Temporary tax changes have taken effect since many of those IRS refunds went out — including waiving federal taxes on $10,200 in unemployment benefits and forgiving excess health insurance premium tax credits. This means some households will end up getting yet another refund.
Government cash has seldom flowed so freely.
The IRS has extended the tax-filing deadline to May 17 from the usual April 15. The IRS is advising taxpayers who already filed to wait for further guidance on recouping any additional amount owed.
If you filed your return and are still waiting for your refund, it may or may not be delayed, depending on the specifics of your situation.
If you e-file, it can take up to 21 days for a refund. However, if you filed a paper return, the IRS has warned there could be a delay.
A refund also could be delayed if it gets flagged because something on the return doesn’t match the information the IRS has. If that’s the case, you may receive a letter about the discrepancy and, perhaps, additional tax owed.
You can track your refund using a tool on the IRS website.