A typical blunder made by an individual is the incorrect filing of their income tax returns. The end of the financial year is crucial for salaried people as they have filed their income tax and wait for an assessment discount.
With the introduction of electronically filing the returns, the time for the government handling all the procedure has accelerated enormously. The error usually lies from a person’s side where they make some unnecessary mistakes, making a delay in their tax refunds.
Usually, people try to do all the filing and documentation by hand, and this leads to mistakes that are often overlooked. However, using tax preparation software could be beneficial, and one of them for sure includes TurboTax. If you haven’t been familiar with this software, then you could take the guidance by TurboTax Live Chat at any time.
Let’s have a glimpse of the fundamental reasons due to which your tax refund process can be delayed.
Reason 1- When you prepare an incomplete tax return file
Not done on purpose, but many people often lack to provide the complete data which is fundamentally required for filing the tax returns. Even if one quantity or essential data is missing, it can inevitably lead to your tax refund process being delayed. Many times individuals make mistakes in providing forms such as W-2 or 1099 structures. It thus postpones the procedure of the government from preparing your income tax return data and discounts
Reason 2- Making computational errors
Accounting is related to numbers and transactions. Many times, individuals make small blunders while filing their tax returns. These are related to calculations or assembling the transactions. The software checks for any calculation mistakes and makes sure that you do not face ITR delays because of computational blunders
Reason 3- Mismatch of Social Security Number( SSN)
A social security number is a 9 digit number given to the citizens of the US for tracking them for security purposes, and it also acts as an identification mark for taxation.
Reason 4- Filing a tax return either very early or too late
You must never make haste and should not even delay the procedure. Filing the tax returns at the right time and duration is always beneficial. However, filing them at a later stage can succumb you to frauds and documentation errors
Reason 5- Incorrect Direct Deposit Information
If an individual is not able to provide the record details of the direct deposit and make errors, then for sure your ITR is bound to get delayed by months. You need to be clear about the transactions that you have made; the withdraws you have taken, and everything about the bank statements should be in clarity
Reason 6- Filing a manual return rather than an e-return
If you file your income tax returns on paper rather than electronically, then it could lead to taking more time for getting the refund. Where the e-returns are documented within three weeks, a paper return could take up to a month or so.
Reason 7- Making changes in the tax returns
If you have to make amendments in your tax returns after you have recorded the details, it could take up to 8-12 weeks.
It is always better that you cross-check all the details before filing the returns so that you don’t have to make amendments in the later stage.
Read More : TurboTax Error Code 65535
Managing a Refund Delay- Do The Research Yourself And Respond Instantly
If the IRS is delaying your tax refund, you must understand the reason behind it and ask the IRS to get your refund asap. This might seem to be a quite daunting task because refund holds might feel like an audit. But you don’t have to worry anymore. If your tax return is correct, you must explain everything (and also provide some documentation) to the IRS.
Once you have understood the cause of why the IRS delays your tax refund and how to answer the IRS so, do it right away to prevent further issues.
How Can You Review the Refund Status Online?
Thinking how can you check the refund status online? If that’s so, then visit the IRS main website and access the Where’s My Refund Page. To check the status online, you require the following details:
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Your Status of Filing
- Your Exact Amount of Refund
You are supposed to choose the “Check My Refund Status” button, add the required information, and then you will receive the required results. Unfortunately, you won’t get enough information regarding why your refund is being delayed. But, it might suggest you to call the IRS so that you can gather more details regarding the delayed refund. As per the IRS, you mustn’t place a call in any one of the following circumstances.
- If you haven’t received the refund for more than 21 days since you have e-filed.
- The Where’s My Refund? Online tool suggests you to place a call to the IRS.
No one likes their income tax refund process to be postponed. One can avoid making all the common blunders by switching to TurboTax software. Taking the guidance of the expert techies at TurboTax customer support number would be quite useful in these kinds of scenarios.
Frequently Asked Questions
As per the Internal Revenue Service (IRS), it has been stated that the taxpayers who file their returns will get their refund within 21 days.
The common reasons for tax refund delays are incomplete returns, inaccurate returns, tax fraud, claiming tax credits, and owing certain debts for which the government can acquire part of your refund.
Once you have verified your identity and tax return information, it may take up to nine weeks to wind up the processing of the return.
The employer can file the “Correction Statement” and give the correct PAN details. However, you must check the tax slab if you have to file an IT return, even if your income is low.