Americans have been wondering for months whether another stimulus payment will be delivered to their bank accounts. It’s a reasonable question, given the recent rise in living expenditures owing to inflation.
So, first and foremost, let’s get the bad news out of the way: there will be no fourth stimulus check. Sorry.
For a stimulus to be justified, economic circumstances would have to deteriorate significantly. However, the economy is currently booming and jobs are plentiful, which does not bode well for widespread relief.
However, the good news is that you may be eligible for a tax refund. And, if yours is anything like the average recipient’s, it may be substantially more generous than the previous stimulus check.
Are you on the verge of a massive windfall?
The average tax refund as of early April was $3,175, more than double the size of the previous stimulus check, which was capped at $1,400. Now, the likelihood is that you will receive a lower refund. You might even get a larger one. In any case, that income could compensate for the stimulus you won’t be receiving.
When will you receive your refund?
If you waited until the April 18 deadline to file your 2021 taxes, you may not receive your refund until the first half of May — and that’s assuming you filed electronically. The IRS normally issues refunds for electronically submitted forms within three weeks after receipt, and if you opted for direct deposit, you may receive your money sooner.
However, the IRS had a significant backlog coming into this year’s tax-filing season. As a result, refund processing may take longer than usual.
Furthermore, expect your return to take at least six weeks if you filed your taxes on paper. Due to the IRS’s overburdening and understaffing, it may take even longer this year (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 provides a particular tool that you may utilize. If you filed your tax return on time and electronically, your refund information should be available at this point. To get an update, you’ll need to enter your Social Security number, tax-filing status, and exact refund amount.
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Unfortunately, if you filed a paper return, the tool will take much longer to update. In most cases, you’ll have to wait four weeks to get information about your refund and learn when you may anticipate your money.
What happens if your tax refund is delayed?
If your tax return has a problem, the IRS will most likely withhold your refund until the problem is rectified. In most cases, you’ll receive a letter along those lines in the mail. However, if you haven’t received your refund within 21 days and filed your return electronically, you should contact the IRS immediately at 800-829-1040.