Tax season is over, and many Americans are expecting or already enjoying their tax refunds. According to the IRS, 90% of tax refunds will arrive within 3 weeks of filing this year.
But some will be delayed – and many will be lower than expected.
Last year, millions of people got their returns late for several reasons: filing mistakes, identity fraud issues, or delays related to paper filing.
Anyone worried about the status of their return has options, however.
The “Where’s my refund?” tool on the IRS website allows you to check your refund’s status. All that’s needed is a social security number and the expected amount of one’s refund.
Many refunds were lower than expected this year, however.
Delayed student loan payments is one reason; deferring student loan payments was a lifesaver for many but also meant more taxable income in people’s pockets.
Unemployment benefits are another major reason. Congress decided not to waive taxes on them last year, so anyone who received unemployment checks in 2021 was expected to pay taxes on that income.
America’s tax system is confusing and stressful. If you haven’t yet received your refund, check on its progress – and don’t be dismayed if it’s slightly less than you were expecting.