Millions of U.S. Taxpayers Still Awaiting Their Refunds - Actions to Take if You're Among Them
Time's A-Wasting: 47 Million Americans Still Waiting on Their Tax Refunds
Well, it's high time you put your feet up and crack open a cold one - or maybe not, since it's June, and you're still twiddling your thumbs, waiting for your tax refund. Yep, you heard it right; around 47 million American taxpayers are still waiting for their hard-earned cash from the Internal Revenue Service (IRS).
But fret not! We've got your back. Here's the lowdown on what's going on, and how long you can expect to twiddle those thumbs:
Patience, Grasshopper, It's a Matter of Time
The timeframe for receiving your tax refund depends on a couple of factors:
- Direct Deposit vs. Paper Check: If you played it smart and chose direct deposit, you might see your refund within up to 21 days from the time you file your electronic return. For paper returns, though, patience is a virtue, as it can take four weeks or more.
- Amended Returns: If you filed an amended return, add a few extra days to your waiting period, as the IRS takes more time to review these.
- Reviews and Corrections: If there are any discrepancies, errors, or your return requires additional review, expect a longer wait.
What the Heck's Causing the Delays?
If you're one of those poor souls still waiting for your refund, there might be several reasons why:
- IRS Processing Blues: More complicated returns take longer to process, as the IRS needs to delve deeper into your financials.
- Mistakes, Oh My!: Small errors, missing Social Security numbers, or mismatched bank account info can ensure a spot in the back-of-the-line.
- Certain Tax Credits: Refunds may take longer if you've claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), as the IRS has to double-check your eligibility.
- Identity Theft and Fraud: Suspicion of identity theft or fraud can delay processing while the IRS verifies your credentials.
- Unfiled Returns from the Past: Yep, you read that right. Unclaimed refunds from previous years could be stuck in the system. So, you might want to double-check and make sure you've filed all your returns before you lose out on potential refunds.
Checkin' the Status of Your Refund
Don't want to live in suspense anymore? No worries, you can check the status of your refund using the IRS tool "Where's My Refund?" Just input your Social Security number, filing status, and the exact refund amount from your tax return, and voila! You'll get one of the following responses:
- Return Received: Your return is being processed.
- Refund Approved: The IRS is preparing to send your refund.
- Refund Sent: Your refund has been sent to your bank or is in the mail.
So, how long should you wait before checking your refund's status? Here are IRS's guidelines:
- Electronically filed returns: Wait 24 hours before checking the status.
- Paper-filed returns: Wait four weeks.
Hey, Big Apple! Stimulus Checks Coming Your Way!
In other news, New Yorkers are in for a treat! The Empire State is set to dole out stimulus checks of up to $400 to combat rising inflation prices. Put on your party hats, folks!
That's all, folks! Stay patient, and your refund will (hopefully) be on its way soon. In the meantime, remember to take care of yourself – you deserve it! 🤑💸👍
- Since you've yet to receive your tax refund, you might find it beneficial to start considering your personal-finance options, particularly if the delay is affecting your overall budget.
- As you wait for your tax refund, it's worth keeping an eye on your fever chart to ensure it doesn't escalate, as financial stress can sometimes contribute to an increase in body temperature.
