Why your IRS tax refund hasn’t come and how to track it



Tax refunds are weeks, more like months, behind schedule this year for many. A massive IRS backlog of about 35 million unprocessed returns, as reported last month by the Taxpayer Advocate Service, is due to multiple challenges caused by the pandemic. On top of that, the IRS has been buried with stimulus payments, adjustments for returns and the calculation of other credits and tax breaks. We’ll tell you how to check the status of your refund without waiting on hold with the IRS.

What if you’ve been counting on that overdue tax money to cover household expenses or pay debt? One upside is that you could have received other IRS money this month. The tax agency recently issued another round of refunds for overpayment of taxes on 2020 unemployment compensation, as well as a new batch of over 2.2 million stimulus checks and the first monthly advance payment for the expanded child tax credit, which is expected to give families a bit of immediate financial relief.

The IRS Where’s My Refund tool isn’t difficult to use. There are also ways to check your tax transcript for your unemployment refund status and how to look out for an IRS TREAS 310 bank transaction. We’ve done the legwork so you don’t have to. To learn more on economic aid, here are ways to know if you qualify for child tax credit payments. If you’re wondering about future stimulus payments or the latest infrastructure deal, we can tell you about that, too. This story is updated regularly.

What’s causing delays with tax refunds this year

Because of the pandemic, the IRS ran at restricted capacity in 2020, which put a strain on its ability to process tax returns and created a backlog. The combination of the shutdown, three rounds of stimulus payments, challenges with paper-filed returns and the tasks related to implementing new tax laws and credits caused a “perfect storm,” according to a National Taxpayer Advocate review of the 2021 filing season to Congress.

The IRS is open again and currently processing mail, tax returns, payments, refunds and correspondence, but limited resources continue to cause delays. The IRS said it’s also taking more time for 2020 tax returns that need review, such as determining recovery rebate credit amounts for the first and second stimulus checks — or figuring earned income tax credit and additional child tax credit amounts.

Here’s a list of reasons your income tax refund might be delayed:

  • Your tax return has errors.
  • It’s incomplete.
  • Your refund is suspected of identity theft or fraud.
  • You filed for the earned income tax credit or additional child tax credit.
  • Your return needs further review.
  • Your return includes Form 8379 (PDF), injured spouse allocation — this could take up to 14 weeks to process.

If the delay is due to a necessary tax correction made to a recovery rebate credit, earned income tax or additional child tax credit claimed on your return, the IRS will send you an explanation. If there’s a problem that needs to be fixed, the IRS will first try to proceed without contacting you. However, if it needs any more information, it will write you a letter…Read more>>

Source:-cnet 

Register Form

Name
Email Address
Phone No