IRS Slow With the Money

Every year the IRS issues a refund chart for that tax year. It gives taxpayers an expected date their refund will be deposited or mailed. Of course, they reserve the right to take more time should the return need more processing. But for the most part, their schedule worked pretty well.

Until this year.

While the "official" direct deposit day for returns accepted by the IRS on or before Jan. 18th is tomorrow the 25th, it looks like some refunds have been delayed. Tax practitioner boards are mentioning delays until Jan 31st for many people. I checked on some of my early filers' refunds on "Where's My Refund" and none are showing the target deposit date. All are 6 to 13 days late. The most frustrating part of this is that other taxpayers are getting their refunds faster than expected. Many preparers have mentioned clients who have already received their Federal refund.

We expected filing slowdowns and problems with most returns going modernized e-file this year but not slowdowns in refunds like this. So far, the IRS hasn't explained what's going on with the refunds. And only one of the RAC banks have acknowledged the problem.

The bottom line is that all might get straightened out and refunds return to their normal schedule for everyone soon.  But you also need to be aware that your refund might take longer than expected.  Don't spend the money until you see it.

Comments

[Steven J Fromm]

And what part of this is a shock to you. It is January and the IRS is doing what it is usually doing. They will get it right on their time, you know IRS time.

[Deb]

Bahhhh I usually get mine when I am told I will get it until this year.. What's going on & mine's direct deposit!

[James]

not that im fustrated or anything, but it was funny to get my state return before my federal. That has never happened for me before.

[Amanda McCullough]

Oh my god me too! I got my state return like a week after filing and have still not received my federal tax return. This is bs.