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Still Waiting for Your Refund?
May 17, 2013
If you were due a refund from your federal return, chances are that you have already received it. According to the IRS, 9 out of 10 refunds are issued within 21 days after the IRS receives your return. If, however, you were due a refund this year, timely filed your return, and still have not received your refund, one of a few things may be happening. A common reason for a delay in receiving your refund is because of an error on your return. An error can delay the processing of your return, thus postponing the receipt of your refund. Another common reason for the delay is that the IRS pulling your return for review. For example, the Earned Income Tax Credit is the most fraudulently claimed tax credit, so the IRS may be reviewing your return to ensure you are in fact entitled to claim the EITC. Finally, you may not have received your refund yet because it was used to offset another debt you owe. If you have previously defaulted on student loans or owe state income taxes, part or all of your refund may be used to offset these debts. Eventually, the IRS will send a letter informing you of any offset with the name of the agency receiving the money and their contact information. The IRS has a webpage where you can check the status of your refund, which you can access here. You will need your social security number, filing status, and exact refund amount (all of which are on your tax return) to check your refund status. Until next time, Brennan