Are Income Tax Refunds Going To Be Delayed This Year

Tax filing season is underway but people who file early and claim certain tax credits might wait longer for their refunds this year. Over the last few years identity theft related to taxes has exploded.

Will The Government Shutdown Delay Income Tax Refunds

are income tax refunds going to be delayed this year

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Are income tax refunds going to be delayed this year. Refunds may be delayed this year. 2018 irs income tax refunds could be delayed by government shutdown february 5 2018 tweet. Congress passed a law last year that requires the irs to hold all tax refunds that include the earned income tax credit eitc and additional child tax credit actc until february 15 2020 regardless of how early the tax return was filed.

Income tax refunds could be delayed and the agency could be short on staff to. Cit bank offers high yield savings accounts. This act has reduced tax return fraud but has also frustrated many tax filers.

According to the protecting americans from tax hikes path act the irs cannot issue these refunds before mid february. The irs expects the first eitcactc related refunds to be. In order to reduce possible losses from identity theft congress passed a law that forces the irs to delay issuing refunds for people claiming certain deductions the ones most likely used by identity.

Taxpayers who claim the earned income tax credit or the additional child tax credit may experience a refund hold. This tax refund table can give you a rough idea of when you may be able to expect your tax refund. If you are building up your emergency fund a high yield savings account is a great place to have your tax refund deposited.

Year in the life. Taxpayers can start efiling their returns as soon as january 12 2018 for taxes overpaid refunds in tax year 2017 using either an income tax preparer or through do it yourself tax programs. Early filers you will see a delay in your refund.

High yield savings accounts. Taxpayers who submitted their tax returns early this year may have to wait a little longer than anticipated to receive their tax. As a result these tax payers who historically have filed early have been seeing their returns delayed each year.

But for some filers this year your early tax return will be delayed because of new laws designed to stop identity theft. Why your irs tax refund may be delayed this year los angeles. The partial shutdown of the federal government is going into its.

That said the irs still stands by their message that most tax refunds are issued within 21 days. Each year i put my tax refund to work either through investments or my high yield savings account. The new tax code took effect a year ago.

Here S Why The Average Tax Refund Check Is Down 16 From