Wednesday, January 19

IRS launches tool to track tax refund money

The Where’s My Refund? Tool provides a custom date after the return is processed and a refund is approved.

Photo: SAUL LOEB / AFP / Getty Images

Checking the status of a tax refund will now be easier thanks to an IRS tool called Where is my refund?

Taxpayers can begin to check the status of their refund within 24 hours of receiving the electronic return.

The Where’s My Refund? Tool provides a custom date after the return is processed and a refund is approved.

Remember that while most tax refunds are issued within 21 days, some may take longer if the return requires further review.

Here are some of the reasons why a tax refund can take longer:

–The statement may include errors or be incomplete.

–The statement could be affected by identity theft or fraud.

–Many banks do not process payments on weekends or holidays.

Note that claiming the Refund Recovery Credit on a 2020 tax return will not delay the filing process. However, it is important that taxpayers claim the correct amount.

If a correction is needed, there may be a slight delay in processing the return. If corrections are implemented, the IRS will send a notification to the taxpayer explaining any changes.

The IRS will contact taxpayers by mail if they need more information to process their tax return.

Taxpayers can begin checking the status of their return within 24 hours after the IRS sends acknowledgment of a return. electronically filed or four weeks after the taxpayer mails a paper return.

The verification tool shows progress in three phases:

1 – Statement received

2 – Refund approved

3 – Refund sent

To use the Where’s My Refund tool? Taxpayers must enter their Social Security number or Personal Taxpayer Identification Number, as well as their tax filing status and the exact total dollar amount of their refund.

The IRS updates the tool once a day, usually overnight, so there is no need to check more frequently in a single day.

Calling the IRS will not expedite your tax refund. The information available at Where is my refund? it is the same information available to IRS telephone assistants.

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