The Internal Revenue Service announced the opening of the 2022 tax season, signaling that it is now accepting and processing 2021 tax returns. It expects more than 160 million individual tax returns filed for the 2021 tax year.
The IRS anticipates most taxpayers that are due a refund will receive it within 21 days of when they electronically file if they choose direct deposit. The National Taxpayer Advocate reported delays in processing paper-filed returns earlier this month.
The IRS reports that the fastest refunds result from accurate, e-filed returns that provide banking information for direct deposit. By law, the IRS cannot issue refunds for returns involving Earned Income Tax Credit (EITC) or Additional Child Tax Credit before mid-February.
