Kate Dore -
CNBC
With the deadline to file taxes approaching, the Internal Revenue Department (IRS, for its name in English) has sent about
54 million tax refunds worth $ 158,000 million as of May 17
, reported the agency on Friday.
In January, the IRS had warned that refunds could be "somewhat lower" this year, and so far, that forecast has been accurate for many taxpayers.
The average payout has been $2,933 so far, compared to $3,305 at this point last year.
However, that number could change as more tax returns are filed before
April 18, the deadline for most taxpayers.
Bill Smith, national director of tax technical services at CBIZ MHM national tax office, said smaller refunds than 2022 are possible due to the expiration of pandemic relief.
"It's the only thing I know to explain it," he said.
For example, many families received help in 2021 from the extended credit per child, which could reach $3,600 per minor, and the credit per child and dependent person (up to $4,000 per dependent).
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But those aids have returned to previous levels.
In 2022, the child credit returned to a maximum of $2,000 per child and the child and dependent credit to $1,050 per dependent.
As of March 19, 2021, the median refund had been $2,929, just $4 less than the figures reported on Friday.
How to receive refunds faster
Although the IRS has received 0.5% fewer returns compared to last year, the agency has processed 1.6% more returns through March 17, according to the most recent report.
Generally, you can expect your refund within 21 days, assuming you have sent it electronically, without errors, and with direct deposit to your bank.
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"Do your filing electronically if you can," said Eric Bronnenkant, head of tax at Betterment, a digital investment advisory firm.
He added that the IRS has had problems with paper refunds.
You can avoid unnecessary delays by reviewing all the details on your tax return
, including your address, social security number and direct deposit information, he explained.
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You can check the status of your refund on the Where's My Refund website or on the IRS2Go.app.
But you have to wait 24 hours after you file your 2022 electronic tax return and three to four days for 2020 and 2021 electronic tax returns.
Paper tax returns can take up to four weeks to get a status update.