Select Page

Discussion – 

0

Discussion – 

0

Are Tax Refunds Delayed? Processing Time for Tax Refunds

Are Tax Refunds Delayed

Are Tax Refunds Delayed ? This article discusses what this means for taxpayers and why they are not happy about it.

– Are tax refunds delayed?

While there is no definitive date as to when you will receive your refund, we do know that everyone who files before mid February will be paid on time. If you file early or close to April 15th, then filing could affect whether or not your state returns are held up with the federal government’s backlogged system which means waiting even longer if you live in one of states.

The good news is that this is the first time in history that taxpayers are being given extra days for refunds. This way, if your return needs to be held up while waiting on state tax returns you are not penalized with a loss of interest on your money or even worse an inability to file until everything has been processed.

If you are reading this article because it concerns whether or not there are delays so far into tax season, then chances are no – but some people have already had their filing delayed by one day due to processing issues related specifically to where they live and what kind of refund they are expecting which might affect when yours will arrive.

Subscribe To Our YouTube Channel

https://www.youtube.com/c/safeXbudget

– What does the delay mean for me?

While there is no definitive date as to when you will receive your refund, we do know that everyone who files before mid February will be paid on time.

If you file early or close to April 15th, then filing could affect whether or not your state returns are held up with the federal government’s backlogged system which means waiting even longer if you live in one of states.

The good news is that this is the first time in history that taxpayers are being given extra days for refunds. This way, if your return needs to be held up while waiting on state tax returns you are not penalized with a loss of interest on your money or even worse an inability to file until everything has been processed.

Are Tax Refunds Delayed

– how long does it take for a tax refund?

For those who are wondering how long it takes to receive a tax refund, the answer is usually around 21 days. If you are expecting your federal return and are waiting on state returns then that could throw off what day you will see your money deposited into your bank account or sent as a direct deposit if this is an option for you.

For some people who file early, they are seeing their refunds take longer than usual which means either way – there might be delays no matter when you filed unless of course yours ends up back logged like many other filers at this point in time (but still expect payment within 21 days).

Are Tax Refunds Delayed

Read more Blogs

– Is the IRS delaying refunds?

While we all agree that government agencies can sometimes take a long time with delivering information, if your return is back logged at the moment (meaning those who file after mid February) then it means someone else’s got pushed up ahead of you as opposed to any type of delay on their end (so keep in mind this refers only for those whose returns are actually held until state returns are filed).

If you are expecting a refund and haven’t seen any movement on your return, chances are it is just taking longer than usual to process which could be due to the fact that so many people have been filing already this year.

For those who are wondering what happens when they file their returns but forget about state returns until later in tax season (if at all), then here’s an example of why you might not see your money for another week or two after filing even if everything else has gone through okay:

– What does this mean?

The good news is while there has always been processing time involved with refunds, taxpayers will now receive extra days beyond 21 days because of how long it takes states to catch up with federal returns.

This means if your state return is being held up in the system for whatever reason, you are not penalized with a lost of interest or have to wait any longer than usual when filing early.

Because this year’s tax season has seen an increased number of filings so far – it could be possible that delays are occurring due to more returns pushing ahead but again most are expected within 21 days which happens regularly (but refunds are still coming even after mid February).

Are Tax Refunds Delayed

– what about taxpayers who file extensions?

If you are reading because you filed an extension and wondering how long does it take for an extension to process, then chances are no matter when you applied for one there will be some sort of processing time involved before money is deposited into your account or sent as a direct deposit if that is an option for you.

– are refunds processed on the weekends?

You might be wondering, are tax returns and/or refunds ever done on Saturdays? The answer is no this has never been allowed but there’s always a chance it could happen (so don’t bank on getting your money sooner than 21 days).

You can check with your employer to see when they will send out any possible direct deposits because again while some are set up right away others do not start until Monday morning.

So if you are expecting such pay outs from them – call ahead of time so nothing falls through the cracks in terms of timing. If however everything else seems fine then just continue checking back daily since chances are your refund will show up (but no promises with the processing times currently).

Conclusion

Processing time for tax refunds is approximately six weeks. If you are expecting a refund, the IRS recommends that you wait until at least Feb. 15 to file your return in order to ensure timely processing of your request. This article has provided some useful information about what factors can affect how long it takes before you receive your refund and when it might be best to submit an application if possible. We hope this helps!

INCOME TAX CALCULATOR

TAX RETURN CALCULATOR

CAPITAL GAIN CALCULATOR

Tags:

Rachit Jaitli

0 Comments

Submit a Comment

Your email address will not be published.

You May Also Like