Fast Facts for June 3, 2021
You always ask me – where’s my tax refund?
What’s taking the IRS so long?
Let’s look at the numbers…shall we?
According to the most recent data from the IRS – as of May 28th, about 12 million tax returns been received but have not yet been processed. (12,041,000 unprocessed)
But more than 137 million have. (137,609,000 processed)
More than 101 million refunds have been issued with the average refund so far – being… $2,779 dollars.
So, if you’re still missing yours, you aren’t alone. Clearly.
Yes – the IRS’s website says the goal is to get you your refund within 21 days…but obviously for many of you that’s not happening.
I know that’s super frustrating, but the IRS has repeatedly given several reasons why — the strain of issuing stimulus checks right in the middle of tax season, processing and verifying all the new unemployment claims, the recovery rebate credit, all of the new laws, and flagging all the errors made by filers, on top of the fact that the IRS is still not at full in-office staffing and its budget has been slashed dramatically over the years– so yeah – things are going to be slower than normal.
As for your unemployment tax refunds – the IRS says payments to 10 million qualified taxpayers started going out in mid-May. I know many of you have said you haven’t received yours yet – but the IRS says these refunds are going to take all summer to roll out and will be rolled out in phases.
And while we’re on the subject – the guidance on how to opt out of that new child tax credit has *not* yet been released. But I’m watching for it every day and it should come this month.
IRS return/refund statistics here.
