Payout wave
Key Questions
What is the average tax refund amount so far this season?
As of late March, the IRS has processed 63 million returns totaling $221 billion, with average refunds of $3,521 to $3,571, up 10-11% year-over-year. Factors include boosts from EITC/CTC direct deposits, OBBBA, AOTC, childcare credits, and adoption credits up to $6.7k. Some refunds may be lower due to filing errors or offsets.
When is the deadline for claiming 2022 tax refunds?
Taxpayers have until April 15 or 16, 2026, to claim $1.2 billion in unclaimed 2022 refunds averaging $686 for about 1.3 million returns. File a 2022 return by this deadline to receive these funds. Non-filers, especially those under $50k, are urged to claim EITC, CTC, and AOTC.
What do WMR codes 846, 570, and 971 mean?
Code 846 indicates your refund has been approved and is being processed. Codes 570 and 971 often mean the return is being reviewed or additional information is needed, affecting around 764k returns as of April 3. These are easing backlogs for Chime, Cash App, W-2, paper, bank, and SSN issues.
How long does it typically take to receive a tax refund?
About 80% of e-filed returns with direct deposit are issued in under 21 days, or within 5 days after approval. PATH Act delays apply to EITC and ACTC claims. TurboTax, H&R Block, and WMR show most within 21 days during this smooth 98% e-file season.
What free tax preparation options are available?
VITA, ABCD, and Idaho free e-file programs offer assistance for low-income earners (e.g., under $69k for ABCD). These help avoid EITC errors like Form 8862 issues, SSN/residency problems, or penalties. Direct File is available through April 15.
How can I file a tax extension if I can't meet the deadline?
File Form 4868 by April 15 for an automatic extension to October 15. This extends filing time but not payment; set up an IRS payment plan if owing taxes. Last-minute OBBBA credits/deductions and IRA/HSA/SEP contributions can still maximize refunds.
Why are some tax refunds higher this year?
Refunds are up 10-11% due to $2k EITC/CTC direct deposits, OBBBA/AOTC/childcare boosts, and higher adoption/CTC credits. Filing errors and offsets reduce some, like New Jersey's lower $3,989 average. Early data shows an 11% increase ahead of the April 15 deadline.
Is there a new $2,000 stimulus direct deposit in April?
No, claims of a 'stimulus $2000 DD Apr8' are fake; these are debunked overwithheld refunds. Focus on legitimate refunds via WMR or online accounts amid surges and backlogs. Use post-refund strategies like paying CC debt or building emergency savings.
WMR/Online Account surges/backlogs; $1.2B unclaimed 2022 refunds (1.3M avg$686) deadline Apr15/16; Apr3 Code846/570/971 (~764k easing Chime/Cash App/W-2/paper/bank/SSN); 63M/$221B avg $3,521-$3,571 thru Mar27/Mar20 +10-11% YoY ($2k EITC/CTC DDs, OBBBA/AOTC/childcare boosts, adoption+CTC $6.7k, filing errors/offsets shrink some, NJ $3989 low); 80% <21d efile DD/5d post-approved (PATH EITC/ACTC); smooth season 98% efile; EITC errors (Form8862/SSN/residency/penalties 2-10yr bans/VITA/ABCD free prep, MD $4k part-time); non-filers urged EITC/CTC/AOTC/under $50k; TurboTax/H&R Block/WMR 80% 21days; fake 'stimulus Apr8/$2000 DD' debunk; VITA/Idaho free efile/Direct File thru Apr15; IRA/HSA/SEP contribs max refunds; extensions 4868 Oct15; post-refund CC debt/emergency savings; last-minute OBBBA credits/deds.