More Than 47 Million U.S. Residents Yet to Receive Their Tax Returns - Steps to Take if You're Among Them
Eagerly Awaiting Your Tax Refund? Here's What's Up!
Still waiting for your tax refund amidst the bustle of summer? You're not alone! Approximately 47 million Americans are in the same boat. Although Tax Day seems like a distant memory, refund season isn't entirely over yet. Here's what you should know.
What's the Deal with Tax Refunds?
The wait time for your tax refund varies depending on whether you've opted for direct deposit or a paper check. Here's a quick rundown:
- If you've gone digital, anticipate waiting between 14 to 21 days for your refund to arrive.
- Mail your return, and it may take up to four weeks or more.
- eagerly-awaited refund in hand will take longer if your return requires corrections or extra reviews.
What Else Might Hold Up Your Refund?
If your refund hasn't arrived, you might be wondering, "What gives?" Here are some reasons for the delayed gratification:
- IRS Processing Times: Returns with errors or incomplete info can lengthen the waiting game.
- Mistakes Galore: Missing SSNs, mismatched bank details, incorrect calculations can cause headaches.
- Special Credits: Returns claiming the EITC or ACTC may face delays as the IRS validates eligibility.
- Identity Concerns: Suspicions of identity theft or fraud can halt proceedings while they verify your information.
- Unclaimed Refunds: Unclaimed refunds from previous years remain unclaimed due to non-filed returns, like more than $1 billion for tax year 2021!
How Can I Check My Refund Status?
Curious about your refund status? Pop over to the Where's My Refund? tool on the IRS website. Enter your SSN, filing status, and exact refund amount to get one of the following responses:
- "Return received" —Your refund is processing.
- "Refund approved" —The IRS is preparing to issue your refund by the date shown.
- "Refund sent" —Your refund has been dispatched to your bank or is in the mail.
Patience is a Virtue
Eager to stay in the loop? The IRS recommends that taxpayers who filed electronically wait 24 hours before checking their refund status, while those who mailed paper returns should wait four weeks.
Ready to Get Paid?
According to the Taxpayer Advocate, taxpayers still waiting on their refunds might see their checks between June 20th-24th, regardless of whether you chose direct deposit or a paper check. Specific dates are as follows:
Direct Deposit:
- Taxpayers who filed on May 30th will likely receive their refund by around June 20th.
- May 31st filers—June 21st is your lucky day!
- Tally it up for June 1st filers—June 22nd is when you'll get your refund.
- June 2nd filers—June 23rd will bring your refund.
- June 3rd filers, you've made it to the finish line! Expect your refund on June 24th.
Paper Check:
- If you mailed your return by May 8th, your refund is on its way by about June 20th.
- May 9th filers, look for your refund by June 21st.
- Are you a May 10th filer? Your refund is due by June 22nd.
- May 11th filers, prepare for your refund by around June 23rd.
- And if you filed by May 12th, your refund will most likely arrive by June 24th.
It's Official: NYers Will Receive Stimulus Checks of Up to $400 To Offset Rising Inflation Prices
Meanwhile, good news for New Yorkers! They'll soon be receiving stimulus checks of up to $400 to combat rising inflation prices! Woo-hoo! Spend it wisely!
- If you're still waiting for your tax refund amidst the summer heat, you might find relief in knowing that nearly 47 million Americans are in the same boat.
- As you eagerly await your tax refund, remember that delays might occur due to the IRS processing times, mistakes in your return, special credits, identity concerns, or unclaimed refunds from previous years.
