why is my federal tax refund taking so long
Some taxpayers are going to have to wait a little longer than usual for their refunds this year. In an effort to fight identity theft and fraud, the IRS is purposefully slowing the refunds for anyone who claims the
or the Additional Child Tax Credit. Although taxpayers can begin filing tax returns today, due to additional processing time the delay effectively means anyone hoping for a check from the government will not see any money back until February 27 at the earliest. The delay in refunds will certainly hurt low-income families, many of who will rely on the cash to simply pay for day-to-day items and keep up with bills, and possibly the economy.
Earned income credits are one of the far-reaching assistance programs the federal government uses. In 2014, nearly 29 million families received earned income credits, totaling more than $72 billion. Without that money, some family will cut back on spending until later in the year. (More from Fortune: ) Unfortunately, fraudsters claiming earned income credits have been taking advantage of the system for years, to the tune of billions of dollars. The IRS estimates it issued $3. 1 billion in tax refunds to identity thieves in 2014 and $5. 8 billion the year before, though it did prevent $47 billion in fraudulent payments over the same time period.
The Additional Child Tax Credit assists families who do not owe enough in federal taxes to claim the entire $1000 they are entitled to. In 2014, about 20 million families claimed the credit, which created $27 billion in extra refunds. Although the IRS will be taking extra precautions to verify the legitimacy of incoming tax returns, it said most tax returns will still be issued within 21 days. Getting antsy about your refund? After February 15, ST. LOUIS Б Many Missourians are concerned because they have not received their state tax refunds. б More than 1,000 Missouri residents have complained to State Auditor Nicole Galloway about missing refunds.
She is calling on the director of the department of revenue to take quick action. "Over the last six weeks more than 1,000 Missourians have contacted my whistle blower hotline seeking information on the status of their tax refund," saidб Nicole Galloway. "Missourians are becoming understandably frustrated by the delay and I urge the Department of Revenue to take the necessary steps to complete the refund processing. " So why is it taking so long this year? It is still not clear. Sandra Furuya of Wamhoff Accounting says several of their clients are affected.
БAб couple years ago it was August before everyone received their refunds. I'm hopeful in June some more will be released, and final ones in August or September. Б Missouri law requires that any personal income tax refunds issued after 45 days past filing be paid to taxpayers with interest. Refunds were due on June 2 to all taxpayers who filed income tax returns by the April 18 deadline. Citizens can check on the status on their refund at. Just click on the individual tab and give your social security number, filing status and amount of refund.
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