To help! My tax refund is still missing
Most people who file a tax return end up getting a refund. And whether yours is big or small this year, chances are you want that cash right away.
If you filed your taxes by the April 18 deadline and submitted your return electronically, that refund should already be in your bank account. If not, there are many reasons why it may be delayed, so don’t panic. At the same time, it pays to start investigating if you are missing the money you should have already received.
When your tax refund is late
First, let’s eliminate one thing. While the IRS typically issues refunds for electronically filed tax returns within three weeks, the turnaround time for paper returns can be twice as long. And this year, you could see your refund delayed even further if you filed on paper because the IRS has a large backlog of paper returns it’s trying to clear up.
But suppose you filed your taxes electronically and did so before April 18th. If you still miss your refund, the best thing to do at this point is to use the “Where’s my refund?” from the IRS. tool to check the status of your money.
To use the tool, you will need:
- Social Security number
- Filing status
- Exact refund amount
Once you have entered this information, you can get an update from the IRS that gives you some relief. But if you don’t, it might be time to call the agency at 1-800-829-1040.
Keep in mind that IRS wait times aren’t short these days, so you may end up rotting for a while. But if you miss a big refund, it’s worth the time.
Reasons your refund might be delayed
There are many reasons why the IRS may not have issued your refund yet. First, the agency may need to verify information on your tax return. If so, you should expect to receive a letter in the mail to that effect. It’s not something you need to worry about – but you will be need to respond if you want to get your money back.
It could also be that when you signed up for direct deposit of your refund, you entered the wrong bank details. If so, that’s enough for your refund to be refunded. And so the IRS may be working on reissuing it.
Also, your refund may be delayed due to a simple problem on the part of the IRS. It can happen. And if you didn’t sign up for direct deposit, your refund may have been lost in the mail.
Either way, there’s no reason to panic if you haven’t received your money. But if you filed your tax return on time, you better start investigating.
Many people are in desperate need of cash these days with the cost of living spiraling out of control. And if you’re about to rack up credit card debt with no money to cover your bills, a repayment delay is something you probably can’t afford. In this case, take the time to contact the IRS to see what’s going on, even if it means having to put up with a long wait for a living person.
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