The information that a tax refund generally arrives after 21 days of applying for the income tax returns is known to the majority of people. However, for these refunds to reach on time, the applications need to be error-free and must be filed electronically. There are also some cases, where the applications need some extra review which causes a lot of delays, and receiving it within 21 days is out of the question.
Stimulus Check and Credit Details Must Be Filled Up Carefully
In the views of Susan Tompor, the expert in personal finance, the IRS has warned people not to wait for the payment just for three weeks. The most common reason for the delay of tax refunds will be the policy of distribution of stimulus checks to the people. The Federal Government have sanctioned three individual stimulus check for the citizens while some states have issued their stimulus check by taking money from the budget.
The credit and stimulus check received by one individual becomes the reason for silly mistakes on the returns. Thus, even a small typing mistake can also result in a delay for a long time. Mostly the mistakes are coming from the Recovery Rebate Credit part and the Child Tax Credit portion this season. Thus, the warning by the IRS must be taken seriously.
As per Steber, the IRS is managing amended tax issues, paper issues, and many more and thus, more than 12 weeks will be needed for the IRS to resolve these matters. After the issue is resolved, in case the taxpayer owes some money to the IRS, then he will be liable for interest or penalties.
As per sources, the IRS has sent out nearly 52 million refunds to the people by the 18th of March. The average refund is $3,305 and in comparison to last year, there is a boost of 13% in the entire process.
