The top question on everyone’s mind at tax season is when will get my refund? After all, that’s the only incentive people really have to do their taxes. The problem is the answer is never set in stone. Despite claims from the IRS that just about everyone should receive their refund within 21 days of filing their return (if it’s filed electronically), that doesn’t always happen.
The nation’s top tax agency even offers a helpful “Where’s My Refund” page for taxpayers to track the progress, but when your refund is delayed there are times when this page doesn’t offer much help. The problem is there are several things that can delay your refund and sometimes you won’t know what’s going on until several weeks later when a letter from the IRS arrives in the mail explaining the situation.
So what can cause your refund to be delayed? This year, any one claiming the earned income credit and/or the Additional Child tax Credit will have to wait longer for their refunds, which won’t start being issued until Feb. 15, but likely won’t arrive till Feb. 27.
If your return has any errors, like math mistakes, or it is incomplete, like a missing signature or form, then your refund will likely be delayed until the IRS determines the issue and you get it resolved. In addition, if the IRS thinks you are trying to defraud the government your refund will certainly be delayed.
On the other hand, if you or your CPA has filed your return correctly, and electronically, then in almost all cases you won’t have to wait longer than the expected three weeks.
The post When Should You Receive Your Tax Refund? first appeared on Advisors to the Ultra-Affluent – Groco.