Are you still checking your bank account to see if you have received your tax refund? Every year, thousands of taxpayers wait eagerly for their money to arrive back, so, if you are one of those who still hasn’t received anything, stay tuned as we explain the most common causes of these delays and how you can avoid them in the future.
Returns with errors:
The IRS online system is designed to detect possible changes that may exist between the declared income and that reported by financial institutions (employers), so, if there is any discrepancy, they can hold up your refund until they make sure that everything is correct through manual processing.
How to avoid it:
- Check your forms and make sure the amounts match your employer’s records
- Consider hiring an agent if you think the data you put on your return is changed or if you have more complex tax credits
Child Tax Credit:
Those who applied for the Child Tax Credit will probably take a little longer to receive their refund because, starting in 2024, the IRS is reinforcing reviews on this credit. So, as a note, we tell you that the figures you declare have to match those in Notice 6419 that the agency sent you. As practical advice, we suggest that you keep Notice 6419 in a safe place and verify the amounts in your IRS digital account. If you did not receive this notice, use bank deposits as a backup for this payment.
Debts with the IRS
Yes, friend, if you have debts with the IRS, they will not hesitate to “validate” this debt with the tax refund. What does this mean? They will use the amount they owe you back to cover the debt you have with them, and if there is any money left over, it will be the amount they reimburse you. These debts can range from the previous year’s tax debt, or failures in child support payments.
In this case, don’t worry because they won’t do it without warning you, you will receive an email explaining how to proceed in this case.
Incorrect bank information
Any mistake on your return, no matter how small (even a typo or misspelling of your name) will cause your refund to take longer to arrive (or worse yet… end up in the wrong account). So, double-check your bank information thoroughly before submitting your return, and if you opt for the direct deposit option, confirm that all the numbers are correct.
Suspected fraudulent activity
In this case, if they suspect that your identity may have been stolen, you will receive Notice 5071C, which will tell you how to proceed to recover your refund and verify your identity. In addition, create a protective PIN (IP-PIN) to protect the declaration you make
What is an IP-PIN?
This is a combination of numbers that only you and the IRS will know, so that no one can file your return for you.
It is important to remember that this PIN is valid for only one year, and that for the next tax season you will have to create a new one if you want to maintain the level of identity protection.
Applying for it is very simple, you will need to access an ID account or through Form 15227 and a telephone interview.
Paper returns… the slowness
The IRS encourages filing returns online, why? Because paper slows everything down. Those taxpayers who have chosen to file their return by mail will have to wait for their data to be processed manually. So, whenever possible, file your tax return online, remember that they are processed 90% faster and the IRS trusts that your refund will arrive in 21 days!!
What if I have had to change information on my return?
In that case, we regret to inform you that the average waiting time is 16 weeks for processing… So, most likely you will have to wait a little longer than the rest to receive your money. If you need to know more about this problem, the IRS clarifies some doubts by clicking here.
Receipt of CP07
If you receive this notification, it means that your return needs to undergo a more thorough review, so you will not receive your refund until that happens. This usually takes between 6 and 12 weeks.