Despite the fact that tax season in 2022 has only just begun, some people claim to have already gotten their refunds from the IRS.
On Reddit and Twitter, several customers claim to have already received direct deposit payouts from banks such as Chime, Wells Fargo, and others. On or around January 24, the first day the IRS received returns, several of these persons claim that they have submitted and that their taxes were relatively straightforward though some do have dependents and claim the half of the child tax credit that was not paid in advance last year.
The IRS has warned that a backlog of returns from last year and a manpower deficit might cause delays in processing returns this year so the rapid returns are welcome news. Refunds are usually sent within 21 days after receipt.
The IRS should potentially be able to complete your return faster if it is less complicated. It may take longer to obtain a refund if you claim more credits. For those who claim the earned income tax credit, for example, the deadline is February 15, and it's likely to be later than that.
In addition, the IRS anticipates that some taxpayers will make mistakes while claiming the second half of their child tax credit, thus missing their stimulus checks. Agents must manually examine returns if they make mistakes, which takes additional time, according to CNBC.
How to check where my tax refund is?
For the declaration, you must have your Social Security number, your marital status, and the precise amount that will be refunded to you. You must input the precise date of the tax return as well as the method of filing it whether electronically or on paper, once you have entered the platform correctly. All refunds for U.S. people are updated every 24 hours; so if this is now shown as 'Received,' you will have to wait for another 24 hours to see whether it has been authorized before you can check it again.
Refunds are given in no more than 21 days, according to the IRS, and can be transferred into a bank account or mailed to your mailbox in the form of a check. However, it has been reported that some taxpayers have gotten their refunds quicker, as per Marca.
Will there be a delay in sending a tax refund?
Even though the IRS claims that most refunds would be received within 21 days, experts caution that delays are inevitable because the agency is currently working on tax returns for 2020.
According to the most recent IRS data, the IRS processed over 240 million tax returns and issued nearly $736 billion in refunds for the 2020 fiscal year, including $268 billion in government stimulus payments. Approximately 60 million individuals contacted or visited an IRS office during that time.
In 2022, according to Donald Williamson, an accounting and taxes expert at American University in Washington, the IRS will be delayed for "weeks and weeks." He said, "In 2022, my advice is to file early, get started today, and work with a skilled expert to put your taxes together."
Tax preparers told CBS MoneyWatch that it is still difficult to reach IRS officials on the phone, adding to the problem. During the fiscal year 2021, the IRS only answered only one out of every nine calls from taxpayers, according to Collins. "Many taxpayers are dissatisfied because they are not getting answers to their issues," CBS News reported.
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