WASHINGTON – More people are getting bigger federal tax refunds this year, but not everyone will be getting their refund within the 21 days the Internal Revenue Service promised.
The IRS in a statement this week said it “cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills.”
It explained that “some returns may require additional review and may take longer. Also, remember to take into consideration the time it takes for a financial institution to post the refund to an account or to receive it by mail.”
The good news: Most people filing returns electronically, with no errors and no unusual circumstances, should see the refund in their account within 21 days.
IRS reported last week that as of March 11, it had issued 45.3 million refunds and taxpayers got an average refund of $3.352. That’s up from $2.967 last year, when there were no child tax credits or some other breaks in effect in 2021.