Good news, Americans! You no longer have to wait to receive your 2020 tax refund. At least, not for much longer.
According to the IRS’ latest update, it has a total of 6.3 million tax returns that need to be processed. The IRS states that they’re “concentrating on more complex returns” and will continue processing into this new year. They are currently dealing with a backlog of errors and amended returns. This includes errors about the Recovery Rebate Credit, missing information, or suspected identity theft.
If the IRS needed certain information from an American taxpayer, they’ll mail them a letter.
Although the IRS previously stated that they’d fix corrections under its unemployment compensation exclusion corrections returns section, it looks like they’ve removed that part of the update.
At the moment, it appears the last time the IRS issued refunds was in November 2021. They sent out 430,000 payments to taxpayers worth over $510 million. Each individual payment equaled $1,189.
If you haven’t yet received your refund, here are a few ways you can review its status.
Firstly, you can use the IRS’ “Where’s my refund” tool. You also have the option of checking the status of your refund by looking at your online account information with the agency. Another option you can try is giving the IRS a call at 1-800-829-1040 if you feel it’s been too long. You might just have to prepare to be on the phone for a while due to long customer wait times.
2022: When You Should File For Tax Refund
The holidays might be over, but we’re still receiving gifts! Since we’re still at the beginning of this new year, it means tax season is upon us.
Many have feared the COVID-19 pandemic, especially with the omicron variant taking hold of our lives, would cause massive delays in the delivery of tax refunds. But thankfully, everything is still on schedule.
April 15th is usually the day to schedule tax returns. But this year, that date falls on Emancipation day. This is a day is celebrated in Washington DC. Most businesses and government authorities in the state close for this occasion. Due to Emancipation Day, the due date for filing individual tax returns and making tax payments is Monday, April 18. So, keep that in mind and mark your calendars!
IRS officials recommend the following steps to ensure a successful and hassle-free tax return process.
- File electronically and use direct deposit.
- Check IRS.gov for the latest tax information including the latest Economic Impact Payments – there’s no need to call.
- Those who may be eligible for stimulus payments, but didn’t receive them or only got a partial payment, should carefully review the guidelines for the Recovery Rebate Credit.
- Advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.
- If you request a tax extension by April 18, your tax return will be due on October 17.