On today’s IRS Tax Refund Update we will take a look at the latest developments this tax season including the next rounds of tax refunds scheduled for release and from there we will recap the top reason why a number of tax refunds will be placed on hold until mid-February and the connection it has to those emails many of our viewers have received in recent days about an updated refund timeline and from there we will look at another issue that some will experience that will need to be addressed before receiving that refund. Starting off with the latest as the next round of tax refunds has been scheduled for release by the IRS on February 7th, 10th,,11th as confirmed by the refund status results and tax transcripts seen here, now if you are part of this latest refund batch and have opted to receive the refund via direct deposit most will receive that deposit by the refund date and in some cases depending on your bank earlier then the posted date however do allow up to 5 additional days after that refund date for it to post your account before initiating a payment trace with the IRS and if you have decided to receive a paper check most will receive that in the mail within 5 to 10 days however you will need to allow up to 30 days to receive it before initiating a payment trace for a non-received refund check. Now we continue to have many viewers reach out to us who have already filed their tax returns and have claimed either the earned income tax credit or additional child tax credit asking when they can expect to see their refund and as a reminder if you are claiming either one of those credits you must wait until mid-February to see that refund released due to federal law. Another issue some viewers are reporting is having their tax returns rejected by their tax filing companies often times this is due to a simple reason such as the wrong social security number was entered, or the wrong dependent information was entered, a mismatch of information from a tax form or you were missing an identity protection PIN which was assigned by the IRS and needed when submitting your tax return which is often the case for those who previously were subject to tax identity theft.
0:00 Introduction
0:29 New Refunds
1:17 Refund Delays – Path Act
2:24 ID Verification
3:12 Rejected Tax Return
3:55 IRS Account
4:40 Closing
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Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.
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