Average Tax Refund Jumps
The average U.S. tax refund has jumped to $3,742 this year, but millions could face delays, especially those opting for paper checks [https://www.ibtimes.co.uk/average-us-tax-refund-jumps-3742-millions-americans-could-face-payment-delays-1784721].
The increase in the average refund to $3,742 could be attributed to changes in tax laws and economic conditions. Taxpayers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit may experience delays, as the IRS typically holds these refunds to prevent fraud. Filing electronically and choosing direct deposit remains the fastest way to receive refunds, with most being issued within 21 days. Paper checks are slower due to processing and mailing times. Taxpayers can track their refund status using the IRS's "Where's My Refund?" tool online or through the IRS2Go mobile app. It's important to have your Social Security number, filing status, and exact refund amount available to check your status.
