Americans have been wondering for months whether they will receive another stimulus payment. This is a reasonable question in light of the recent increase in living expenses due to inflation.
To begin, let us address the bad news: there will be no fourth stimulus check. Sorry.
To justify a stimulus, economic conditions would have to deteriorate significantly. However, the economy is booming at the moment, and employment opportunities are plentiful, which does not bode well for widespread relief.
However, there is some good news: you may qualify for a tax refund. And, if yours is typical of the average recipient, it will likely be significantly larger than the previous stimulus check.
Are you about to receive a large windfall?
As of early April, the average tax refund was $3,175, nearly double the size of the previous stimulus check, which was capped at $1,400. Now, it is more likely that you will receive a reduced refund. You might even be able to obtain a larger one. In any case, that income may be sufficient to compensate for the stimulus you will be missing.
When will your refund be processed?
If you filed your 2021 taxes after the April 18 deadline, you may not receive your refund until the first half of May — that is, if you filed electronically. The IRS typically processes refunds for electronically submitted forms within three weeks of receipt, and you may receive your money sooner if you chose direct deposit.
The IRS, on the other hand, had a significant backlog entering this year’s tax filing season. As a result, refunds may take longer to process than usual.
Additionally, if you filed your taxes on paper, expect your return to take at least six weeks. It may take even longer this year due to the IRS’s overburdening and understaffing (though the agency is hiring new workers in an effort to catch up).
If you’re in a hurry to learn more about your tax refund, the IRS offers a special tool. If you filed your tax return on time and electronically, you should now have access to your refund information. To receive an update, you must enter your Social Security number, your tax filing status, and the exact amount of your refund.
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Regrettably, if you filed your return on paper, the tool will take significantly longer to update. In most cases, you’ll need to wait four weeks to learn about your refund and when you can expect to receive it.
What happens if you don’t receive your tax refund on time?
If the IRS discovers an error on your tax return, the IRS will almost certainly withhold your refund until the error is corrected. In most cases, you’ll receive a letter in the mail along those lines. If, however, you have not received your refund after 21 days of filing your return electronically, you should immediately contact the IRS at 800-829-1040.