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Are You Still Waiting For Your Tax Refund?

Does it feel like this year is just flying by? The Calendar on your wall is right. The year is almost half over already. Where did all that time go? More importantly, where the heck is your tax return? It’s one thing to still be waiting for your return if you waited to file it till the deadline, but according to some reports, there are people who filed in February who still haven’t seen their return. So what gives? Is this just another ploy by the IRS to collect more interest on your hard earned income?

Fast, But Not Fast Enough

First, believe it or not, the IRS has actually been working at a faster pace on returns this year than they did last year. However, for those who are still waiting, that news does little to bring them any peace of mind, or more importantly, a boost to their bank account.

Common Reasons For Delays

Although the reasons for a delay can very, many times it’s simply a matter of human error. If you made any mistakes on your refund, those could be holding up your return. There are several possible reasons that you could still be waiting for a return, including:

Name Change – if you are the one of the many people who changed your name last year due to a divorce, marriage or any other reason, you need to notify the IRS. You can do that by filling out a form 8822. You also need to notify the Social Security Administration because if the name on your return doesn’t match what the Social Security has, it could slow down your return.
Direct Deposit – now that more and more people are e-filing that means more returns could be delayed due to bad bank account information. If you enter your account info and are off by just one number that could also delay your return. Having the wrong account info of any kind can mean a delay of up to 10 weeks after your financial institution has denied the refund.
Address Change – this is another common mistake that can delay your return. If you moved, but failed to make the change on your return you can file a change of address with the IRS by also filling out a form 8822.
Review Time – another thing that can delay your return is that it has been selected for a review. That doesn’t mean an audit is coming, it simply means that the IRS wants to take a closer look at your return. The IRS will send you a letter indicting what’s next. If it eventually turns into an audit then at that point you probably will want to contact an experienced tax professional. You can also learn more about preparing for an audit by clicking here.

Your Next Move

If you have not received any kind of notice from the IRS, especially a letter of review, then you might want to contact them directly and see if you can determine what’s causing the delay. Although typically one of the above scenarios is responsible for a delay, there are other things that can happen to returns. Whatever the case, don’t just sit back and continue to wait. Check your return, contact the IRS and do everything you can to speed the process.

The post Are You Still Waiting For Your Tax Refund? first appeared on Advisors to the Ultra-Affluent – Groco.

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