Americans have been wondering for months whether another stimulus check will land in their bank accounts. It’s a reasonable question, given how recent inflation has driven up living costs.
To justify a stimulus, economic conditions would have to deteriorate significantly. However, the economy is strong and jobs are plentiful at the moment, which does not bode well for widespread relief.
The good news is that you may be due a tax refund. And, if yours is typical of the average recipient’s, it may be significantly larger than the most recent stimulus check.
Are You Prepared To Wait For The Next Stimulus Check?
As of early April, the average tax refund was $3,175, more than double the previous stimulus check, which was capped at $1,400. Now, the reality is that you may receive a smaller refund. Alternatively, you could have a larger one. However, in either case, that cash could compensate for the lack of stimulus.
When Will My Refund Be Received?
If you submitted your 2021 taxes after the April 18 filing deadline, you may not receive your refund until the first half of May — and that is assuming you filed electronically. The IRS typically issues refunds for electronically filed returns within three weeks of receipt, and you may receive your money sooner if you opted for direct deposit of your refund.
Having said that, the IRS was extremely behind schedule heading into this year’s tax filing season. As a result, refund processing may take longer than usual.
Additionally, if you filed your taxes on paper, you should anticipate receiving your refund within six weeks. This year, it may take even longer due to the IRS’s overworked and understaffed state (though the agency is hiring new workers in an effort to catch up).