If you were counting on a tax refund by April or May, you may be anxiously awaiting your return and wondering if there are other options to access necessary funds. Options for People Expecting a Faster Refund The IRS has processed more than 91 million individual returns for tax year 2020 as of April 22, 2021, and more than 68 million refunds have already been issued to taxpayers.īut the agency is still holding more than 29 million returns for manual processing, including more than 5 million 20 returns that were completed on paper. Your return is affected by fraud or identity theft.To help avoid fraudulent claims for these credits, the IRS doesn’t issue refunds for tax returns claiming these credits until mid-February each year. You are claiming the earned income tax credit (EITC) or additional child tax credit.But there may still be delays for reasons including: In normal years, most tax refunds filed electronically are issued within 21 days. This in turn can delay the issuing of refunds. The IRS says that several services are affected by these issues, including a slowdown of reviewing newly filed tax returns- even if they’re filed electronically. This created a backlog of unprocessed paper 2019 tax returns the IRS is still catching up on-and that’s not even counting the high volume of 2020 tax returns being submitted. In 2020, the IRS closed its offices due to the pandemic.
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