MILLIONS of households are still waiting on 2020 tax refunds as almost seven million returns are yet to be processed by the IRS.
It comes as the federal tax deadline is this Friday, October 15, for those who filed for an extension.
If you didn’t request more time, you had until May 17 to file your taxes.
According to the latest data available, the IRS had 6.8million individual returns still to process as of October 2.
These include returns with errors and require corrections to the tax refund amount or validation of 2019 income used to get child tax credits and earned income tax credits.
While the IRS said it doesn’t need to correspond with taxpayers to resolve the issues, it added that the returns need special handling by an employee.
It means it could take the IRS more than 21 days to issue any refunds, and in more complicated cases, it may take between 90 to 120 days.
The data comes as 436,000 returns by taxpayers who are due unemployment benefit refunds were stuck in the IRS system in September.
About three in four Americans are said to receive a tax refund each year.
You can see where your money is 24 hours after you’ve filed your tax return by logging into the IRS’ Where’s My Refund tool.
To do this, you’ll need to enter your Social Security Number or Individual Taxpayer Identification Number (ITIN), which is shown on your tax return.
You’ll also need to enter your filing status and refund amount shown on your tax return – make sure it’s the exact amount shown to get the most accurate information.
You can also use the free IRS2GO mobile app to find out where your refund is. This is reportedly the fastest and easiest way to monitor yours.
The app is updated once every 24 hours so you’ll get an idea of where your cash roughly is within this time frame.
Finally, you can call the IRS to check in on your payment on 800-829-1040.
In May, the IRS also had a backlog of 335,000 paper tax returns from 2019 to process.
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