The IRS delays millions of refunds – now what?
As many as 15 million taxpayers could be facing a tax refund delay until as late as February 27 this year, but there are a few tips and tools any taxpayer can use to track their refund and make sure they receive it as early as possible.
First, before filing their tax return, taxpayers need to decide how they want to receive their refund. They generally have two options: have the IRS mail them a check or have the IRS make a direct deposit to a bank account or a prepaid debit card. The IRS says direct deposit is the quickest way to get a refund.
After filing, taxpayers who used H&R Block can find out if the IRS has accepted their e-filed return with the Check E-File Status tool with just their name, Social Security number, date of birth and filing method.
- Social Security number,
- filing status and
- exact refund amount shown on their return.
Depending on how the taxpayer chooses to receive their tax refund, they may need to allow an additional two to five business days from the date indicated by the IRS for their bank to process the refund.
To check the status of their state refund, taxpayers can locate their state’s lookup tool and then enter their information.
Taxpayers who want access to funds more quickly than the IRS can process their refund can choose to file at H&R Block and apply for the Refund Advance. After filing, taxpayers can receive the no-interest loan of up to $1,250 within 24 hours in most cases.
The tax refund is the largest single financial transaction many taxpayers will have in a year. These tools will help taxpayers manage and track this important part of their financial life.
The Refund Advance, a no-interest loan offered from January 5 – February 28, 2018, is repaid from the client’s federal or state income tax refunds.