Sidney Kess Tax Refunds for Individuals: A Closer Look
In February 2023, the IRS reported that it has issued nearly eight million refunds to individuals with respect to 2022 returns averaging $1,963, down slightly from last year's average of $2,201. Almost 87% of refunds were made through direct deposits.
March 27, 2023 at 12:28 PM
7 minute read
In February 2023, the IRS reported (https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-feb-3-2023) that it has issued nearly eight million refunds to individuals with respect to 2022 returns averaging $1,963, down slightly from last year's average of $2,201. Almost 87% of refunds were made through direct deposits.
There is a time limit for filing tax refund claims:
- Three years from the date the original tax return is filed
- Two years from the date the tax was actually paid, if this is later than three years
- Seven years in the case of a bad debt or a worthless security
The statute of limitations for refund claims may be suspended for a taxpayer with a financial disability, meaning the taxpayer is unable to manage financial affairs due to a medically determinable physical or mental impairment, and there is no one (e.g., a spouse) to do it for the taxpayer (Code Sec. 6511(h)(2)(A)).
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