The deadline to file and pay your taxes was yesterday, July 15. This means that a lot of people are already waiting for their tax refund. If you are owed a refund, keep reading to discover some facts you should keep in mind.
How to Track Your Refund
Using the internet is the best alternative to check the status of your refund. You can do this using the online tool Where’s My Refund, available both on the IRS website and through the mobile app IRS2GO.
The information of Where’s My Refund is updated daily, usually overnight, so there’s no need to check the tool more often than once a day. Don’t call the IRS unless the online tool directs you to do so.
The system will provide you with some useful information about your refund, this includes:
- When your tax return has been received.
- When the refund is approved.
- The date the refund is to be issued.
If you filed your taxes electronically, you can start checking Where’s My Refund 24 hours after receiving your e-file acceptance notification.
What Do You Need to Track Your Refund?
You’ll have to provide some basic information in order to use Where’s My Refund. Make sure to have the following at hand before using the online tool:
- Social Security number or Individual Taxpayer Identification number
- Tax filing status (single, married, head of household)
- The exact amount of the refund claimed on your tax return
What Factors Can Delay Your Refund?
The IRS issues most returns within 21 days, although this is not a hard-and-fast rule. The agency has informed that it’s dealing with staffing constraints due to the coronavirus outbreak, so you may experience delays if you filed a paper return. According to their information, they will process the returns in the order in which they arrive, so there’s no need to call them or to file a second return.
Additionally, it may take time for the bank to post your refund to your account, or for the Postal Service to deliver your check by traditional mail. These are other factors that may affect the timing of your refund:
- Your return includes errors
- Your return is incomplete
- There is a case of identity theft or fraud
- Needs further reviewal
Myths About Tax Refunds
Some so-called “tips” about tax refunds are actually myths that have been debunked by the IRS itself. These are some common misconceptions:
- Getting a refund means that you shouldn’t adjust your withholding for 2020. False. In fact, this is the right time to make changes. Use the Tax Withholding Estimator to figure out the right amount.
- Calling the IRS is the best way to track your refund. Nope. IRS assistors don’t have access to any special information, nor can they move up a refund date.
- The tool Where’s My Refund should be wrong; there’s no deposit date yet. Some returns take longer to process for the reasons explained earlier in the paragraph What Factors Can Delay My Return?
- Where’s My Refund should be wrong; the amount is less than expected. Your refund may be smaller because of taxpayer math errors; because you owe federal taxes, or child support; or because the IRS is holding a portion of the amount while it reviews an item on your return.
Get Help from the Professionals at Delgado’s Insurance
Whether it’s filing your taxes or finding the insurance coverage that makes the most sense for you, at Delgado’s Insurance we are committed to always delivering excellent service so you can rest easy knowing that we are here to help.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email or through our social media accounts for more information or to learn more about the services we offer.