In most cases, the IRS refunds in less than 21 days of accepting your return. However, in some cases, it may take more than 21 days as it requires an additional review process. The users must keep an eye on Track Refund Status in TurboTax. There might be a chance when the users receive part of their refund in one of their accounts. If this is the case, then you need not to worry. You will soon receive the rest part of the refund. It usually happens as different banks follow different financial procedures.
Why is My Refund Delayed?
The turnaround time of tax return processing has tremendously sped up over the years. Most of the returns are processed within 21 days or sooner; however, there are chances of getting delayed or failing. In most cases, the users commit simple errors that lead to a delay in return.
Here, we have tried to summarize some of the common errors or oversights that result in getting the return after a long period of time.
Social security Number mismatch
There may be the possibility that you have made a silly typo mistake. It could be you have entered the wrong social security number (SSN) or made a spelling mistake in your name. A mismatch of the information in the social security administration’s database will lead to the delayed processing of your return. The e- filing process checks most of the common errors. The users are expected to correct the errors before resubmitting the returns.
Calculating tax returns involves a lot of math’s calculations and tricks. If you have made a single mistake in calculating the tax return, your tax return will have inaccuracies, which ultimately results in delayed tax processing. The most common error calculation includes taxable income, child and dependent taxes, increased standard deductions, standard deductions for taxpayers, and more. Filing the taxes manually will increase the chance of math’s error. Henceforth, to reduce the risk of computational errors while filing taxes, the users are advised to make use of professional software like TurboTax.
Incorrect direct deposit Information
Getting the fastest tax return is to request the direct deposit of the amount. It is the fastest, easiest, and safest way to receive a tax refund. The users just need to provide the account number and routing number. However, if you have made a mistake by providing the wrong information, then it will result in a delayed tax return. The IRS will issue the paper check once the return is rejected by the bank.
Early /Late Return Filing
You have filed the tax return too early. There is a possibility that you have missed some of the necessary forms required for processing the taxes. It will delay your tax return as IRS won’t process a return until their software is ready to handle all the forms. Changes to the tax code or the procedure are made at the last minute. These errors can be minimized by waiting until the third or fourth week of the year. However, if you are thinking of filing taxes at the last moment, it will also increase the possibility of getting a delayed tax return. The main reason is due to the sheer volume of persons filing taxes at that time. There is a possibility that you may fall victim to identity theft or make silly typo mistakes.
Amending your Taxes
You have already filed your taxes and now want to make changes to it. Then, you can make amendments to your filed taxes by preparing the amended returns. The IRS allows you to make amendments to change filing status, and gross income, increase the number of dependents, or alter the deductions. Though the amended returns won’t affect your original returns, IRS will take up to 12 weeks time to process the amended taxes.
When you file the taxes with last paystubs on Turbo Tax, it will take care of the commonly occurring errors so that you will receive your tax return on time. The users have to spend less time tracking refund status in TurboTax.
Why is My Tax Refund Different From the Amount I Expected?
No Doubt, the professional taxpayer software will give you an idea of the estimated tax return amount. However, there might be the chances of receiving a different amount. This might happen due to various reasons. A few of the common reasons are cited below:
- IRS found a discrepancy in your Tax Return
- The IRS offset your return.
- More Federal deductions
- State and local Payroll deductions
Getting the right return from the federal is as important as filing the correct taxes. However, the waiting time to receive the tax return frustrates the users. Professional tax filing software helps users in filing the correct tax return. In order to check the track refund status in TurboTax, follow the above-mentioned points. If you are still facing a problem in tracking the tax return even after following the above-mentioned procedure, immediately contact the certified techies by calling the Turbo Tax helpline number.