If you’re wondering what the Internal Revenue Service’s (IRS) tax refund schedule for 2022 is, then we’ve got the answer you’re looking for!
The IRS typically sends out tax returns in less than 21 days after accepting a tax filing. However, the IRS might not have tax returns ready quite that fast this year. While some will get theirs back that fast, others might be in for a wait.
So what’s affecting tax refunds this year that filers can expect delays. The IRS notes that the Recovery Rebate Credit, Earned Income Tax Credit, and Additional Child Tax Credit are behind this. These could result in tax refunds taking between 90 days and 120 days to get to individuals.
While that’s a bit of a bummer, there are a few things taxpayers can do to help speed along the process. That includes filing electronically, which is faster to process than mail filings. Another thing to consider is setting up direct deposit as it allows the IRS to get tax refunds to you faster.
Chuck Rettig, IRS Commissioner, said the following about the 2022 tax refund schedule.
“Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. People should make sure they report the correct amount on their tax return to avoid delays.”
If you’re wondering when you need to have taxes filed by, we can help out with that too at this link!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.