Delayed Refund? The IRS Will Pay 5% Interest After July 1
If you’re still waiting on your tax refund, we have some good news: the IRS will pay 5% interest to individuals after July 1. Here’s what you need to know.
What You Need to Know
Typically, the IRS has 45 days after the filing deadline (in 2022 it was 2018) to process your tax return and send your refund. After those 45 days, the IRS starts paying interests to taxpayers.
However, there’s something you should keep in mind: Those interests are taxable.
While the IRS does its best to process returns in a timely fashion, some delays are inevitable due to the disruptions caused by the COVID-19 pandemic.
If your return is part of the backlog the IRS is actually experiencing, keep reading — in the next section we explain how to check the status of your refund.
How to Check the Status of Your Refund
Checking the status of your refund is extremely easy thanks to an online tool created by the IRS.
The tool is called Where’s My Refund (just click on the link to open the tool) and you can use it 24 hours after filing your 2021 return or four weeks after mailing a paper return.
Before opening Where’s My Refund, make sure to have the following information ready:
- Your Social Security Number (SSN) or ITIN
- Your filing status (single, married filing jointly, married filing separately, etc)
- Your exact refund amount
Where’s My Refund is updated daily, usually overnight. So if your refund information isn’t available yet, check again the next day.
Need Help With Your Taxes? Contact JT Tax Services
If you need help with your taxes, you’ve come to the right place. At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.
We maximize your refund and help you stay compliant with all applicable rules and laws. We are located in Oxnard, California. Contact us today by email (email@example.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our wide array of tax services.