It’s in the computer system,” said Helms. “I do not believe there’s anything wrong with current e-filings. “They’re still trying to catch up from last winter and into summer and early spring when they were shut down like a lot of businesses.”ĭozens told WXIN they filed their taxes and received notification they were accepted but are still seeing delays exceeding 21 days. “Everything that I hear and read from the IRS points really just to one issue and that is that they’re behind,” said CPA John Helms, who is the president of J.R. The IRS is working through a backlog of processing tax returns for 2019 submitted last year, along with continuing to work through the impacts of COVID-19, which created staffing shortages and closures. Many factors can affect the timing of a refund.”Įxperts say there are several other factors contributing to delays in tax refunds. The IRS told WXIN, “If there is an issue with a tax return that requires additional review, that can add time for some taxpayers, but it varies depending on the issue. “It’s been over 21 days - beyond 21 days,” Ray said. They have about 13,760 phone assistors, including about 3,800 hired this filing season alone.Īccording to the IRS, a “typical tax refund with no issues goes out in 21 days or less.” The IRS said they are dealing with a high call demand with millions of people calling in so far this tax season. “It’s really difficult, you know, trying to play catch up,” she said.
Ray said she has been unable to reach anyone at the IRS to find out how much longer it will be before she can get the money she worked all year for. Adding to the financial challenges she faced after his passing, she said she recently lost her job. This past year, Ray lost her son just 51 days after he was born. 16, 2021.Third stimulus check calculator: How much will you get? " An Introduction to 529 Plans: How Does Investing in a 529 Plan Affect Federal and State Income Taxes?" Accessed Dec. " Retirement Topics - IRA Contribution Limits." Accessed Dec. " IRS Operations During COVID-19: Mission-Critical Functions Continue." Accessed Dec. " Tax Season Refund Frequently Asked Questions." Accessed Dec. " Earned Income Tax Credit (EITC)." Accessed Dec. " When to Pay Estimated Tax." Accessed Dec. “ Employee’s Withholding Certificate 2021.” Accessed Dec 16, 2021. Each dollar you save will reduce the amount the child has to borrow in student loans. Your investment grows tax-deferred and withdrawals used to pay for college are tax-free. Consider putting money away in a 529 college savings plan if you have children or grandchildren. Both accounts offer tax benefits to help grow your savings. Taxpayers who are age 50 or older may contribute an additional $1,000. In 20, individuals may contribute up to $6,000 to a traditional or Roth individual retirement account (IRA). That way you’ll be covered in the event of a job loss or other unexpected financial hardship. Experts recommend having three to six months’ worth of savings held in an emergency fund. Paying off your debt early can help improve your credit score and save you money on interest. Carrying a balance on credit cards can hurt your credit score and may prevent you from qualifying for a mortgage or other loan.