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March 31, 2022

Why Your Tax Return Might Be Delayed

By T. Thompson In Finance, Latest News with Comments Off on Why Your Tax Return Might Be Delayed

We’re approaching the end of this year’s tax season, and more than 50 million taxpayers have received their refunds from the Internal Revenue Service (IRS). But some Americans are experiencing a delay, as the IRS works through a massive backlog of unprocessed returns.

What’s causing the delay?

Sometimes something as simple as a typo or math mistake could result in a delay. Other common errors include: selecting the wrong filing status, forgetting to report all types of taxable income, or mailing the return to the wrong address.

Filing a paper return is also a major culprit.

“It’s taking us longer than normal to process mailed correspondence and more than 21 days to issue refunds for certain mailed and e-filed 2020 tax returns that require review,” the IRS said.

Another issue — Americans aren’t properly reporting their COVID-19 stimulus payments.

IRS Commissioner Chuck Rettig recently told the House Ways and Means Committee that “far more than 10 million” taxpayers have failed to reconcile 2020’s stimulus payments.


Source:

Your tax refund could be delayed this year – here’s why

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