On today’s IRS Tax refund update as we enter into week 3 of the current tax season, we will check in on the latest developments including the next batch of tax refunds scheduled for release this week. Meanwhile for those of you claiming the earned income tax credit and or child tax credits who have their refunds on hold due to the path act, we will take a look at a growing reason why your refund maybe on hold even longer and some updates for those of you still waiting on last year’s tax refunds. We will also take a look at what some are encountering when checking their tax transcripts. Now starting off with those tax refunds as the next batch of direct deposit refunds are scheduled to be released and transmitted by the IRS to banks on Wednesday, February 8th as confirmed by the IRS transcripts seen here submitted by several of our viewers. Now if your part of this batch do allow up until February 13th to receive that in your bank account before initiating a payment trace. A majority will in fact receive that the day of and depending on your bank you may see it appear as pending even before. As a reminder for those checking their Refund Status online or on the IRS app that last year in many instances the refund status results did not provide the most up to date information even after a refund was sent by direct deposit or paper check. For those of you who have not done so already to take the time to create an account on the IRS.gov website so that you can access your tax transcripts for the most up to date information. Transcripts are updated throughout the week depending on cycle codes with a large batch update occurring on Friday mornings. Now for those of you still waiting on last year’s tax refunds and even refunds from tax year 2020 the IRS still continues to process those returns however has been behind in reporting the remaining tax return backlog however we are expecting these returns to carry over into March and April. However, we had several viewers reach out with updates including one who has been waiting 11 months on their refund who will see a paper check mailed out on February 10th, and another had their 2020 amended return finally adjusted after 7 months.
0:00 Introduction
0:28 New Refunds
0:54 Refund Status Results
1:22 Tax Return Delays
2:15 Tax Transcripts
2:46 Ongoing Refund Delays
3:15 Savings Bonds Refunds
3:43 1099-K Form
4:13 Recap
4:39 Closing
Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.
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