After the IRS announced some changes, some people are anxiously awaiting their IRS tax refund, which is due this coming week. As with any tax refund, only certain people are deemed eligible for the benefits. Specific factors determine taxpayers’ eligibility, and if you used the incorrect steps when you were claiming your tax refunds, you may have to kiss your money goodbye, unless you follow these recommendations.
The IRS tax refund will be issued this coming week
Tax refunds are due soon. The United States tax season is reaching its finish line, and millions of American taxpayers are keeping a close eye on mailboxes and bank accounts. For some, the wait is almost over. If you are among the taxpayers who decided to file your federal income tax returns at the end of April, you will be receiving your payment this coming week. The Internal Revenue Service (IRS) will distribute payments between 5-11 May.
If you are too impatient to wait it out, you can always check your refund status by using the IRS “Where’s My Refund” tool or using the IRS2Go mobile app to check your status online. Just be sure that you have the following information at hand:
- Social Security number or Individual Taxpayer Identification Number (ITIN)
- Filing status
- The exact whole dollar amount that you should receive
These taxpayers will be receiving their payments soon
Your payment will be distributed according to the date on which you filed your tax return. Next week’s payments are being distributed to those who filed in the week of 14-20 April. The IRS uses a standard processing and payment schedule, which usually means payments are distributed up to 21 days after returns were filed electronically with no apparent errors. This means that the taxpayers who fall into that filing window will receive their money between 5-11 May, but only if they:
- Filed their returns electronically
- Chose direct deposit for their payment
- Filed returns without mistakes or uncommon claims
According to the New York Tax Concept, if the above applies to you, your direct deposit should start appearing in your bank account either on Monday or Tuesday. If you choose the physical check option, your deposit may be a little delayed.
This is what you should do if you do not receive your payment
Millions of federal and state tax refunds go undelivered or unclaimed annually. According to USAGov, this is what you should do to claim your payment if you did not file a return or if your check never got to you:
- You never received your deposit
- Check the IRS “Where’s My Refund” page.
- Your tax refund check was lost or stolen
- Request a refund trace to replace lost or stolen checks.
- You cannot get your refund status after checking online
- Call the IRS to check your status. Note that waiting times may be long, luckily you can avoid waiting by using the automated phone system and following the message prompts.
- You moved after filing your return
- Checks are mailed to your last known address. If you move without notifying the IRS or the U.S. Postal Service (USPS), your check may be returned to the IRS. Submit a Change of Address Form 8822 to the IRS and a change of address to the USPS.
- You received a CP237A notice from the IRS
- The IRS sends you a CP237A if the check they sent you was never deposited. If you received this notice, call 1-800-829-0115 to claim your refund. In most cases, you will get your deposit within 30 days.
We know that tax season can be daunting, and the wait for the results of your tax refund even more so. If you remain uncertain at any given time, we recommend you seek a tax professional.
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