The Internal Revenue Service (IRS) recently sent 8.7 million refunds totaling more than $10 billion. The last ones were disbursed in over a month totaling 1.5 million refunds. IRS is yet to release another batch of refunds for taxes overpaid on the 2020 unemployment benefits.
Accordingly, this next batch is expected to be sent out through the end of the summer, but the backlogs of unprocessed returns from the pandemic have caused a delay.
Many took to social media to say that they already received an update from the IRS regarding the tentative date when they expect their returns on their bank accounts. Others, however, expressed their frustration about not receiving a single update from the IRS. The average refund will amount to $1,686, which could be more or less depending on different factors like overall income, tax bracket, and how much earnings came from unemployment benefits.
Also, you should know that the tax refund only covers specific taxpayers. The refund will only be available to those who earned less than $150,000 in adjusted income and unemployment insurance received during the pandemic last year. However, if you have a past-due debt, the refund will be used to cover this debt. Past-due debts can include unpaid federal or state taxes and child support.
Sometimes, there is no update by the IRS, and the money has already been refunded to you. To make sure if you already received it, you can check your bank transaction records and look for the code IRS TREAS 310 TAX REF or 846. If you do not have access to your bank transaction records, you can wait for the paper mail of the IRS notifying you of your qualification. The mail will let you know if you will receive the refund or cover past-due debts.
Most taxpayers need not file an amended return to claim this refund, but you can check the list released by the IRS. If you are on that list, you should file an amended return, and upon checking by the IRS, you can get the refund without any additional step you need to go through.
These are the things that are made known to the public by the IRS. There is no definite word yet regarding the exact date when the refunds will show up in your bank account.