You may be getting more money from your tax refund this year. Here’s why.
RELATED: Child tax credit: How to file your 2021 tax return https://bit.ly/37MbzaG
Tax season is a bit less painful for many taxpayers this year, thanks to larger than average refunds. Tax refunds are averaging $3,226 so far this tax season. That’s 11.5% higher than last year, according to data from the IRS. Could it be a mistake? Probably not. Instead, there are a few legitimate reasons IRS refunds are bigger this year.
A more generous Child Tax Credit boosted refunds for some taxpayers. In 2021, the credit increased to $3,600 per child under age six from $2,000 per child in 2020. Parents of children aged 6 to 16 also received an increase in 2021 to $3,000 per child, up from $2,000 in 2020. Taxpayers in 2021 were also able to receive up to $3,000 for 17-year-olds.
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