For those who are anxiously awaiting their tax refunds, here are a few things to know about why your money might be taking longer than expected to arrive. But, don’t worry, because you’re not alone: Thousands in the United States are wondering where are their tax refund checks, and here’s what we know so far.
This year, the filing season began on January 29, when the Internal Revenue Service (IRS) began processing 2023 tax returns. In most of the states, the processing started as soon as the taxpayers begun sending their tax returns. If you were unable to submit your application on time, you can still get an extension until October 15th. However, keep in mind that if you file after the deadline, you could face penalties if you owe taxes.
Getting a Refund Faster and Easier
To get your refund faster, it is advisable to e-file and opt for direct deposit, which can take less than 21 days according to the IRS. However, some statements may require additional revisions, which prolongs the process.
Refund delays can occur for various reasons, such as claiming certain credits, filing electronically or by mail, or having debts with the federal government. Remember that the speed of the process depends on when the IRS received and entered your return, which can take a few days or weeks after sending it.
Although the 21-day time window is the usual for the IRS to respond, some returns require additional review that prolongs the process. Here are some of the factors that could influence a delay of your refund:
Claiming certain credits could be a legitimate delay: Some credits, such as the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), may require more detailed verification by the IRS, which could delay the issuance of the refund.
The way you file your return could affect your refund delivery time: Filing the tax return electronically is usually faster than sending it by mail. Electronic returns are processed more efficiently, which can speed up the issuance of the refund.
Debts to the federal government: If the taxpayer has outstanding debts to the federal government, the IRS may withhold part or all of the refund to offset these debts, which could cause a delay in issuing the payment.
Getting a Tax Refund Does Not Mean Your Return Was Error-Free
When it comes to receiving a tax refund, whether at the federal or state level, it is important to note that the issuance of this refund does not guarantee that the tax return will be error-free. According to Melissa Marlin, deputy principal assistant in the Department of Finance, the IRS usually reviews most returns after the filing season, while the Delaware Division of Revenue conducts a thorough review for possible errors or anomalies before releasing refunds.
It is worth noting that this review is not limited solely to returns that result in refunds. Even those returns that result in additional payments to the IRS or state authorities may be subject to review to ensure that tax obligations are properly met.
