Get The Most Out Of Your Tax Refund! (And-when will the IRS pay it, anyway?)

Get The Most Out Of Your Tax Refund! (And-when will the IRS pay it, anyway?)

When can I expect to get my tax refund?

Typically, the IRS issues refunds about 21 days after the return is filed. But, the refund can be delayed depending on your situation. If you filed the return online, your wait time will be shorter than if you mailed in your return. Refunds deposited directly in an account will arrive faster than a paper check sent by “snail mail”. If you are receiving Earned Income Credit or a Child Tax Credit, a delay can be expected.

In recent weeks, the IRS has been focused on making the CARES Act stimulus payments. As a result, payment of tax refunds has been delayed. Similarly, wait times for IRS customer support, be it online or by phone, have skyrocketed. The IRS is likely short-staffed, working from home, and overwhelmed.

How can I find out when my refund will be issued?

To see when you might expect your refund, go to www.irs.gov/refund. You will need to provide your social security number or tax id number, your filing status, and your exact refund amount. You can also download the “IRS2go” app on your phone and input the same information to find out when you will receive your tax refund.

What happened? I received only part of my expected refund!

Your tax refund may have been intercepted. If you owe back taxes, are delinquent on student loan payments, or owe past due child support, those creditors may have taken a part or all of your tax refund. If this happened to you, you’ll receive an explanation from the IRS, in writing.

How do I get the most out of my refund?

Spend your money on “necessities”: essentials like food, utilities, gasoline, housing, vehicle maintenance or repairs. After that, either pay down your debt or consider a more permanent solution for it, which may include bankruptcy. Invest remaining money in an “emergency fund”, to pay several weeks’ of expenses, in case of urgent circumstances.

However you plan to spend your refund, take warning. If there are judgments against you, don’t keep the refund in a bank account. Every penny could be taken from you by a bank garnishment! For more information, please request our free report, “How to Protect Yourself and Your Money from Bank Garnishment.”.

Our Experienced Nebraska Bankruptcy Attorneys Are Here To Help

If you have questions about your tax refund call the experienced bankruptcy attorneys at Steffens Law Office at 308-872-8327, or fill out our form to contact us today.

Related Links: What You Need To Know About The CARES Act Stimulus Payment Home Loan Assistance Provided By The CARES ACT What Nebraska Bankruptcy Filers Need To Know Regarding the Coronavirus Stimulus Payment