When will I get my tax refund? Possible IRS dates and how to track your money

When will I get my tax refund? Possible IRS dates and how to track your money

It’s already fall and the IRS is still facing a massive backlog that’s causing stress for taxpayers. At the start of September, the IRS announced it had 8.5 million unprocessed individual returns, including 2020 returns with errors and amended returns that require corrections or special handling. Refunds normally take around 21 days to process, but the IRS says delays could be 120 days.

To add to that, the IRS has also been busy with stimulus checks, child tax credit payments and refunds for tax overpayment on unemployment benefits. The “plus-up” stimulus adjustments and the fourth advance monthly check of the child tax credit — which goes out on Oct. 15 — could give families some financial relief, but an overdue tax refund would be an even bigger help for those who need it to cover bills and daily expenses.

If you filed for a tax extension, keep in mind that the IRS deadline is approaching on Oct. 15. If you don’t file your 2020 tax return soon, you’ll likely owe late fees or more interest — and you could be missing out on money, like that tax refund, stimulus checks or child tax credit payments that you’d only be eligible for after filing a return.

In most cases, taxpayers just have to continue to practice patience — it’s not easy to reach the tax agency by phone these days. The best solution is to track your refund online using the Where’s My Refund tool or check your IRS account. We’ll show you how. We can also tell you what to do if you received a “math-error notice” from the IRS. This story is updated frequently.

How long do I have to wait for my federal refund?

The IRS usually issues tax refunds within three weeks, but some taxpayers have been waiting months to receive their payments. If there are any errors, or if you filed a claim for an earned income tax credit or the child tax credit, the wait could be lengthy. If there is an issue holding up your return, the resolution “depends on how quickly and accurately you respond, and the ability of IRS staff trained and working under social distancing requirements to complete the processing of your return,” according to its website.

The date you get your tax refund also depends on how you filed your return. For example, with refunds going into your bank account via direct deposit, it could take an additional five days for your bank to post the money to your account. This means if it took the IRS the full 21 days to issue your check and your bank five days to post it, you could be waiting a total of 26 days to get your money. If you submitted a tax return by mail, the IRS says it could take six to eight weeks for your tax refund to arrive once it’s been processed…Read more>>

Source:-cnet

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