Within Three Weeks, IRS Will Issue Tax Refunds, But There Are Few Exceptions
The Internal Revenue Service promised to make federal tax refunds available within 21 days, but many people will not receive their refunds within that timeframe.
Earlier this week, the IRS issued a statement that “cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills.”The document explained that “some returns may require additional review and may take longer. Also, remember to take into consideration the time it takes for a financial institution to post the refund to an account or to receive it by mail.”
Boston Gerald announced that most people filing returns electronically should see the refund in their bank account within 21 days if there are no errors and no unusual circumstances.
Last week, the IRS reported that it had issued 45.3 million refunds as of March 11 and that taxpayers received an average refund of $3,352. This is up from $2,967 last year when child tax credits were not in effect.
According to Claudia Stanley, a certified public accountant in Fresno, refunds this year have been processed in a timely manner.
“I’ve had a few clients comment back to me that they got their refund and no complaints so far of refunds not coming through,” she stated.
Consumers may still encounter frustration if they must contact the IRS. National Taxpayer Advocate Erin Collins reported last month that callers to the IRS were having difficulty getting through to an employee.
According to her, the agency was dealing with a “toxic mix” of inadequate staffing, COVID-19 issues, and new tasks, such as distributing economic stimulus payments. Collins said that callers to the IRS toll-free line reached an employee 11% of the time last year.
The IRS is hiring more employees to help address the problem.
When Can I Expect To Receive My Refund?
Please check the Where’s My Refund page to track the progress of your refund.
Here are some areas on which IRS recommends people be cautiously focused on.
Child tax credit: Parents who received monthly credits during last year’s tax season, starting in July, can claim the remaining six months during this year’s tax season.
Qualifying parents were notified by letter 6419. It is likely that the refund will be delayed if the return information needs to be corrected.
Stimulus payments: Not all recipients of 2021 economic stimulus payments received them. The IRS would send them a letter detailing the amount they received in January or February so that they can claim the payment on their tax return.
Routine errors: The IRS can delay your return if it finds a mathematical error or omits critical information.