Automatic Tax Refunds Will Be Issued Soon: Here’s How to Ensure the Money Hits Your Account

by Shelby Scott
(Photo by Fadel Itani/NurPhoto via Getty Images)

Now that the holidays are over, Americans are anxiously awaiting another nerve-wracking time of the year. The holidays, for many Outsiders, signified a significant loss of funds. However, our annual tax returns are right around the corner. That said, the IRS is planning to automatically release tax refunds shortly. In preparation, we have all the information on how you can ensure you receive your money hits your account.

According to The U.S. Sun, automatic tax refunds will be released in weeks. To ensure refunds go straight to your account, the outlet insists Outsiders should keep their eye on the mail. Those either missing funds from the third stimulus payment or who received the six months-worth of advanced child tax credit payments will receive a specified IRS letter in the mail.

The first is entitled Letter 6475, Your Third Economic Impact Payment. This ensures eligibility and receipt of those missing funds with your annual tax return.

The second appears as Letter 6914. This goes to any individuals or families who received the advanced child tax credit payments throughout 2021. The advance payments include half of what American families should expect in their returns. The 6914 states exactly how much remains eligible to claim for 2022‘s filing.

Fortunately, the news outlet states most Americans should have already received their payments. However, for the minority that did not, the 6475 ensures filers’ ability to claim for a recovery rebate credit.

As per the IRS, “The Economic Impact letters include important information that can help people quickly and accurately file their tax return.”

Finally, to ensure funds go straight to your account, ensure the numbers the government agency lists for pandemic aid match your own.

When to Begin Filing for Annual Tax Refund

Knowing how to receive your funds, and the accurate amounts, are especially important as the IRS has seen a host of delays and malfunctions in distributing economic impact checks and other additional sums throughout 2020 and 2021.

However, as 2021’s filings will look different nationally, we have information straight from the IRS as to when you should begin filing for your annual tax refund.

First of all, despite growing concerns surrounding COVID-19 and the rapidly spreading Omicron variant, Americans should still expect to receive their tax refunds on time.

With that, this year’s deadline to file falls on Monday, April 18th. So, in order to make sure everything is in order ahead of that date, here are some tips to ensure you receive your money on time.

First off, filing electronically and enabling direct deposit is a must. This allows you to receive your tax refund in the most convenient, hassle-free way. Additionally, avoid unnecessary frustration by checking the latest information regarding the Economic Impact Payments on the IRS’s website. Further, those missing funds from the aforementioned payment should review the Recovery Rebate Credit, while advance stimulus payments remain untaxable. And finally, any individual that requests an extension for their tax return must file by October 17th.

Best of luck this Tax Season, Outsiders.