Your Tax Refund Is Going To Be Really, Really Late. Here s Why.
Even after the Treasury Department and Internal Revenue Service extended the deadline for filing tax returns for the 2020 tax year by over a month, the IRS found itself faced with a substantial backlog of unprocessed tax returns right up to the May 17 deadline.
Even after the Treasury Department and Internal Revenue Service extended the deadline for filing tax returns for the 2020 tax year by over a month, the IRS found itself faced with a substantial backlog of unprocessed tax returns right up to the May 17 deadline. The delay in processing 2020 tax returns has also resulted in a delay in the issuing of refunds, including for those people expecting a refund for taxes paid on unemployment benefits they received in 2020, and has been the result of a number of added strains placed on the IRS this tax season.
Tax Refund Never Came In? Good Luck (It Could Take Many Weeks)
The backlog of unprocessed tax returns has resulted in delays in the distribution of refund payments by up to 6-8 weeks. This has even impacted those people who filed their 2020 returns early.
The extended tax day deadline for filing 2020 tax returns has now come and gone. But for the IRS, much work remains as it continues to work through a backlog of unprocessed tax returns. This, in turn, is delaying the distribution of refunds for many Americans, including those who filed their tax returns early.
This backlog is the result of a number of compounding challenges facing the IRS. In addition to working on 2020 returns, for example, the IRS has been working through a number of 2019 tax returns that the agency was unable to process last year. This was the result of the temporary shutdown of tax processing centers last summer due to the COVID-19 pandemic, as well as ongoing limited capacity at those centers even after they
Out of everything you can do, we wouldn’t recommend calling the IRS.
Here s What You Need to Remember: To track your refund, you’ll need your Social Security Number, your filing status, and your total refund amount, excluding cents. By entering all of these into the IRS’ “Where’s My Refund” tool, you will be given the status of your refund. Otherwise, you’ll get an error message.
The final tax deadline, usually April 15, has been moved back to May 17 for 2020 returns. If you haven’t sent in your 2020 taxes yet, you have roughly a week to get it in order. If this is impossible, never fear; it’s fairly easy to request an extension with the IRS.
To track your refund, you’ll need your Social Security Number, your filing status, and your total refund amount, excluding cents. By entering all of these into the IRS’ “Where’s My Refund” tool, you will be given the status of your refund. Otherwise, you’ll get an error message.
Updated Jan 16, 2021 | 06:28 IST
The income tax department has also introduced a new initiative called, Jhatpat Processing to smoothen the ITR filing experience for taxpayers. Income tax refund delayed? These mistakes could be the reason
New Delhi: The Central Board of Direct Taxes (CBDT) informed on Wednesday that it has issued refunds worth Rs 1,73,139 crore to more than 15.7 million taxpayers from 1 April 2020 to 11 January 2021. Income tax refunds of Rs 57,139 crore have been issued in 15,455,577 cases and corporate tax refunds of Rs 1,15,999 crore have been issued in 210,150 cases.
However, many taxpayers have been complaining on social media that they filed income tax returns (ITRs) around 4-5 months ago but are yet to get refunds. While some taxpayers are getting refunds within a week’s time, there are many who have not received theirs even after months.