Tax refunds: What to know in 2019
The majority of Americans expect to receive a refund from the IRS this tax season.
On average, more than 70 percent of Americans receive money back from the tax agency. Last year, the average refund was more than $2,890.
This year, the average person expects to receive about $3,000, according to a recent survey from GOBankingRates.
Many households rely on those payments. In fact, 27 percent of people said they are planning to use the cash to pay off debts. People between the ages of 25 and 34 were even more likely to name debt as a priority – with 38 percent saying that’s what they planned to use their refund for.
In order to get your refund quicker this year, experts told FOX Business it is more efficient to file online. Paper returns require officials to input and process the documents, and therefore tend to take longer.
Filing electronically generally results in a refund being returned in about 20 to 30 days. Paper documents can take up to weeks longer.
It may also be worth it to file as early as possible. That’s because any scammers that are trying to steal your refund won’t be able to do so if you have already filed. Dealing with a tax identity fraud case can seriously delay when you receive your refund money.
Some filers that did not check their withholding amounts might be in for a surprise. Experts warned that more people were at risk of having tax payments underwithheld under the new tax law, since employers were using W-4 forms already on file to calculate withholding amounts. These individuals could be stuck with a bill instead of a refund check come April.
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The good news for those that unintentionally did not pay their full liabilities this year is that the IRS will waive a penalty for taxpayers who fit certain criteria.
Taxpayers can begin filing on Monday.