How Can I Make Sure I Get My Refund As Fast As Possible
Each tax filing is as unique as the individual it represents. To help expedite the tax refund process, consider one or more of the following tips:
- Visit us at any H& R Block office to ensure your return is ready to file when e-file opens.
- Consider e-filing versus traditional paper filing.
- Complete a tax return that is free of any errors or miscalculations. This means carefully reviewing personal information such as your name, social security number, home address and bank information, if applicable.
What Can Taxpayers Do
We asked Garcia what you should do if three weeks waiting for a tax return turns into three months.
If you filed your tax return electronically and you requested a direct deposit, your refund should have arrived in 21 days. If its not there within another two weeks, then thats something you want to maybe look at more closely, he said. After five weeks, you may want to call.
But getting ahold of someone at the IRS by phone is not easy during the best time, let alone at a time when the federal agency is trying to bounce back from a pandemic.
Its impossible, really, said Shelly, who has repeatedly tried to reach the IRS by phone with no success. Never a person. Its just all automated.
Everything is by phone prompts or on their website, and there is no live person to talk to, echoed Aleksa, who has also failed to reach an IRS representative by phone.
Garcia also suggested taxpayers check IRS.gov and enter their personal information to check on the status of their refund, although he acknowledged that online resources will only show whether a tax return has been received by the IRS, not why a tax refund is delayed.
It is, in part, a matter of waiting, he said. Rest assured we understand this is your money and we dont want to hold onto it for one second longer than we have to…We just ask for people to be patient.
Do Disaster Victims Get More Time To File
Yes, the IRS is giving more time to file for people who are victims of recent natural disasters:
- Hurricane Ian victims who live in Florida and have a valid extension to file their tax returns by October 17 now have until to file their tax returns.
- Victims of storms and flooding that started on September 15 in parts of Alaska and who had also asked for an October extension now have until February 15 to file their returns.
- Likewise, Hurricane Fiona victims in Puerto Rico who had a tax filing extension now have until February 15 to file their 2021 returns.
Don’t Miss: How Can I Refile My Taxes
They Owe Taxes And Can’t Pay
If an individual owes taxes, they should electronically file their tax return now to avoid further penalties and interest that accrue for not filing by the deadline. If they can’t pay the full amount of their taxes, they should pay what they can now to reduce the amount of penalties and interest that will continue to accrue, and review the options for people who can’t pay their taxes, including applying for a payment plan on IRS.gov.
Anyone who owes taxes can review all payment options online. These include visiting IRS.gov to access their Online Account and paying with IRS Direct Pay or with a debit card, credit card or digital wallet.
Tax Refund Frequently Asked Questions
Direct Deposit is a safe, reliable, and convenient way to receive Federal payments. The Department of the Treasury’s Bureau of the Fiscal Service and the Internal Revenue Service both encourage direct deposit of IRS tax refunds. Direct Deposit combined with IRS e-file provides taxpayers with the fastest and safest way to receive refunds.
This resource page of frequently asked questions about IRS tax refunds provides financial institutions with useful information for reference while assisting customers during the tax filing season.
For other FAQs about Direct Deposit, .
Don’t Miss: How To Avoid Capital Gains Tax On Land Sale
Tips For Tax Planning
- Finding a qualified financial advisor doesnt have to be hard. SmartAssets free toolmatches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If youre ready to find an advisor who can help you achieve your financial goals, get started now.
- A financial advisor who specializes in tax planning can help lower your taxes by harvesting tax losses. This means that you will be able to use your investment losses to reduce taxes on capital gains or income.
- Tax refunds are a great financial boost. Whether you plan on saving for retirement, paying off college or credit card debt, or investing your money differently, SmartAssets tax return calculator can help you figure out how much you will get back from the government so you can plan ahead.
How Can You Help Clients Prepare For Potential Refund Delays
Before Tax Season
- VITA sites can notify previous clients about the delay and remind clients that your organization is a trusted source for tax filing.
- Train staff in your organization and other program partners about potential refund delays so they can inform clients receiving other services.
During Tax Season
- Explain to clients how to check on the status of a tax refund through the IRS Wheres My Refund? tool.
- Refer clients with urgent financial needs to a credit union that offers safe, short-term loans.
- Invite clients to learn more about budgeting through a financial coach, counselor, or class. Explore opportunities that can assist clients in planning ahead for future delays and to help ease the adjustment.
Read Also: What Is 7.99 Plus Tax
When Will I Get My Mass Tax Rebate
Individuals eligible for a refund will receive it automatically as a check sent through the mail or by direct deposit. The distribution of refunds began on Tuesday, Nov. 1.
Approximately 500,000 refunds were expected to be distributed during the first week. About 1 million refunds were scheduled to be distributed weekly thereafter until all eligible refunds have been distributed.
Refunds will not go out in a particular predictable order, so if you haven’t received yours yet, don’t worry. Eligible taxpayers who have already filed their 2021 tax return and had a tax liability will automatically receive their refund by mid-December.
Direct deposits will be labeled “MASTTAXRFD,” and refunds mailed as checks will include several sentences on the check explaining Chapter 62F and why the recipient is receiving the refund.
The Baker administration also set up a website, www.mass.gov/62frefunds, where you can get a preliminary estimate of your refund. A call center is also now available at 877-677-9727 to answer questions about the Chapter 62F taxpayer refunds. It is open Monday through Friday, from 9 a.m. to 4 p.m.
What Could Cause A Refund Delay
There are countless reasons your tax refund could be delayed. Weve outlined some common instances where a delay could occur:
- If you file a paper return, the IRS says you should allow about six weeks to receive your refund.
- If the IRS mails you a physical check, you will receive a check through the mail.
- If you file Form 8379, Injured Spouse Allocation, it could take up to 14 weeks to process your tax return.
- If your identity has been stolen and another return was filed with your social security number, it could take longer for the IRS to sort out the situation.
- If you owe a debt, like unpaid child support, your refund could be offset to pay part or all of it.
Each of the possibilities above could cause a delay or prevent receiving the refund altogether. Its important to note that each individuals tax scenario is unique and no two filings are handled exactly the same.
Recommended Reading: Do You Need 1099 To File Taxes
What Do These Irs Tax Return Statuses Mean
Both IRS tools will show you one of three messages to explain your tax return status.
- Received: The IRS now has your tax return and is working to process it.
- Approved: The IRS has processed your return and confirmed the amount of your refund, if you’re owed one.
- Sent: Your refund is now on its way to your bank via direct deposit or as a paper check sent to your mailbox.
Claiming Your Tax Refund
Theres actually more than one way to receive your tax refund. You can request that the government send you a paper check in the mail. Or you can decide to go for a direct deposit tax refund and have your money put into three different places, including savings and a retirement account.
Ready to get in on the investing game? You also have the option of using your tax refund to buy $5,000 or less in Series I savings bonds.
Whatever you decide to do with it, you have three years to claim your refund from the initial filing deadline. Thats good news if you miss the April due date or you still havent filed your taxes from three years ago. And if you were granted an extension, youll have three years from the extended deadline to ask for a refund check. The deadline for filing 2021 tax returns is April 18, 2022.
Unfortunately, you dont always get to keep your entire refund. Sometimes, the IRS makes a mistake and sends you more money than you were meant to have. Anyone who owes child support or has overdue student loan bills may have some of their refund taken and applied to those debts. Word of advice: If your refund check seems larger than it should be, you might want to wait before you head out on a shopping spree.
You could also receive a smaller refund check than expected as well. That proved to be somewhat common in the 2019 tax filing season, following the passage of President Trumps Tax Cuts and Jobs Act, which changed the tax code.
Recommended Reading: How Much Are Payroll Taxes In Massachusetts
Why Did I Get An Extra Social Security Payment This Month 2020
The additional payment makes up for any deficit incurred by Social Security recipients who were impacted by the mistake between January 2000 and July 2001, when the payments will be issued. Who was harmed by the error? People who were eligible for Social Security before to January 2000 were impacted by the error.
Stimulus Payments Tax Credits Still Available
In the new letter, the IRS is reminding people to file their 2021 tax returns an essential step for those eligible to claim stimulus check payments and other credits.
The agency says people who havent filed tax returns in previous years may benefit significantly by filing a 2021 tax return. Its the only way to secure not only the rebate credit, but also certain other tax credits that were expanded in the American Rescue Plan Act and other legislation.
The IRS says many of the people receiving a letter in the next few weeks are eligible for the Child Tax Credit or the Earned Income Tax Credit.
We dont want people to overlook these tax credits, and the letters will remind people of their potential eligibility and steps they can take, IRS Commissioner Chuck Rettig said.
The expanded 2021 child tax credit, which is available for taxpayers who meet certain income requirements, totals $3,000 per child between ages 6 and 17 and $3,600 for children ages 5 under.
The American Rescue Plan also increased the Earned Income Tax Credit significantly for workers who do not have children. Some low- and moderate-income families are eligible for expanded benefits under this tax credit as well.
The late filing deadline for 2021 tax returns is Oct. 17, but taxpayers can still access tax credits after that date. The IRS says it will offer its free filing service until Nov. 17 for people who earn $73,000 or less, giving plenty of time to claim these benefits.
Recommended Reading: How Do I File My California State Taxes For Free
What Do Vita Clients Need To Know
- File as you normally do. You do not need to change the way you file your tax return, including where you get your taxes done.
- The delay applies to all methods of tax filing at a VITA site, by a commercial tax preparer, or self-preparation. No one can provide your refund before February 15. There are no exceptions.
- The purpose of the refund delay is to help protect you and your refund.
- Beware of offers of loans against delayed refunds, such as a loan on a refund claim based on a year-end paystub instead of a W-2. Loan fees are expensive and the return may be inaccurate without all income information, but the loan must be repaid.
- While the delay applies specifically to tax filers claiming the EITC and ACTC, it will affect your entire refund, including refunds based on over withholding or other tax credits. You cannot receive a partial refund.
- Everyone is not affected by the delay. Taxpayers claiming the EITC and ACTC who file returns after February 15 will not be impacted. Additionally, early filers who are ineligible to claim the EITC or ACTC will not be affected. Refunds based only on over withholding or other tax credits will not be held.
Standard Deduction Or Itemized Deductionswhich Is Better
You have a choice between claiming the standard deduction instead of itemizing your deductions, but you can’t do both. And the Tax Cuts and Jobs Act pretty much doubled the basic standard deductions for all filing statusesthe deduction you can claim before you claim the extra bonus deduction for being age 65 or older, making it a somewhat difficult decision.
As of tax year 2021, the base standard deductions before the bonus add-on for seniors are:
- $25,100 for married taxpayers who file jointly, and qualifying widows
- $18,800 for heads of household
- $12,550 for single taxpayers and married taxpayers who file separately
The standard deductions after the bonus are:
- $27,800 for married taxpayers who file jointly, and qualifying widows
- $20,050 for heads of household
- $14,250 for single taxpayers, and married taxpayers who file separately
Many older taxpayers may find that their standard deduction plus the extra standard deduction for age works out to be more than any itemized expenses they can claim, particularly if their mortgages have been paid off and they don’t have that itemized interest deduction any longer. But you could gain a larger deduction for itemizing if you still have a mortgage and factor in things like property taxes, medical bills, charitable donations, and any other deductible expenses you might have.
You May Like: How To Pay Colorado State Taxes
Use The Irswheres My Refund Online Tool
Since 2003, the IRS has provided an online tool that lets you track the status of your refund electronically. You can access the tool, called Wheres My Refund?, as soon as 24 hours after you e-file your tax return . You can also download the IRS2Go app to track your tax refund on your mobile device.
Youll need the following information to check the status of your refund online:
- Social Security number or ITIN .
- Filing status .
- Exact amount of the refund listed on your tax return.
Once you input the required data, youll encounter one of three status settings.
The IRS updates refund status once a day, usually overnight.
Americans Have Historically Been Happy With How They Use Their Refund
No matter how you choose to spend your refund, its likely you wont regret your choice. According to a recent survey conducted by IPX 1031, an overwhelming majority of Americans 80% of respondents didnt regret what they did with their refund from the previous tax year. Men were more likely than women to feel regret about how they spend their refund, the survey found.
Also Check: Can I File 2020 Taxes Now
Reason #2 Irs Holding Your Refund
The IRS can hold your refund and request more information from you in several situations. This doesnt mean youre being audited but it can lead to one if you dont respond with all the information by the deadline.
Here are six of the most common situations when the IRS can hold your return:
You mailed in your return, and the IRS flagged a math error:
When taxpayers e-file their returns, the e-file process catches many return errors and rejects the returns at the time of filing. If you mail your return instead of e-filing it, the IRS is more likely to identify an error after the fact.
The IRS calls most of these errors math errors, but they arent limited to arithmetic mistakes. If your Social Security Number or your dependents information doesnt match IRS records, the IRS can change any related deductions or credits . The IRS can also change your return if you forget to include a corresponding schedule or form to support a deduction or credit.
If the IRS changes your return, youll get a letter asking you to correct the error within 60 days. If you dont provide enough explanation and information, the IRS change is final. At that point, you would have to amend your return and follow up with the IRS to get your refund.
The IRS suspects identity theft:
The IRS is challenging tax credit you claimed:
The IRS identified potential ACA health insurance issues:
You need to file an old return:
