The IRS treats reimbursements faster this year - here is when you can expect yours
The data show that people recover less money, but they get it faster.
Fiscal season Maybe a stressful and confusing period, but it is not without reward. For many of us, the deposit means getting closer to a refund of a reimbursement of the Internal Revenue Service (IRS). Millions of taxpayers expect to receive a reimbursement from the agency after submitting their income declarations, and these can often be substantial, depending on the quantity you have fed during the year. The first birds that have tabled their taxes already see an impressive recovery time, which could be good news for those of us who have not even thought of taxes yet. Read the rest to find out when you can expect your return this year.
Read this then: 3 IRS deductions that you cannot take this year, warn the experts .
The IRS treats reimbursements faster this year.
After years of late treatment in the middle of the pandemic, it seems that the 2023 tax season is much better. When the IRS published its first weekly report for this year's deposit statistics, the agency revealed that it was returns 29% higher rate That it was not in 2022. This rate slowed down in the weeks that followed, but the IRS still draws reimbursements faster than it was last year.
Since February 17, the IRS had treated a little more 36.7 million income declarations , against 33.4 million over the same period in 2022, an increase of 9.9%. In fact, the agency has treated almost all the yields it has obtained so far this year. Out of 36.8 million total yields received in 2023, the IRS processed 36.7 million.
Last year, a total of 35.9 million returns was received, but the IRS had not dealt with 33.4 million of them.
Most taxpayers will receive their reimbursement in less than three weeks.
Mark Friedlich , CPA, a tax lawyer and vice-president of American affairs for weekends KluWer Tax & Accounting, warned taxpayers to obtain Also Excited by faster processing times at the moment.
"As we know, it's still at the start of the tax season, but it's certainly a very good start", he written in a post On his business website. "The IRS expects 168 million individual income declarations to be produced this season. There is still a lot of work to do."
So what can you expect? The IRS says that he emits more than 9 out of 10 refunds In less than 21 days after receiving a return. To follow your payment, you can use the agency's online tool where my refund is?
"You will get personalized reimbursement information according to the processing of your income declaration," explains the IRS on its website. "The tool will provide a real reimbursement date as soon as the IRS processes your tax return and approves your reimbursement." AE0FCC31AE342FD3A1346EBB1F342FCB
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But some factors could delay your payment.
But don't fuck yourself to get your refund within three weeks. "The IRS warns taxpayers not to count on receipt of a federal tax refund in 2022 of a certain date, in particular when purchasing major purchases or the payment of invoices", said the agency in a November press release .
After all, there are several things that could lead to your refund of more than three weeks.
The IRS says that the "safest and fastest way to receive your refund" is by depositing Your return electronically And choose a direct deposit. If 21 days have already passed and you haven't recovered nothing yet, the agency says it could be because your return was Paper , includes errors, is incomplete, must be more in -depth, is assigned by identity theft or fraud, has complaints filed for certain credits or includes the injured spouse's allocation form.
"Many different factors can affect the time of your refund after receiving your return," the IRS said in its press release. "Even if we issue most reimbursements in less than 21 days, your refund may take no time."
You must also prepare for a smaller refund this year.
More people get reimbursements than usual, which can also be good news for you. As of February 17, the agency issued 25.9% of total reimbursements in more than 2022.
But if you get a refund, do not expect the payment to be as important as in recent years. Despite the sending of more reimbursements in general, the average amount of reimbursement of the IRS for each taxpayer is in fact 11.2% lower than it was last year.
"Refunds can be smaller in 2023," warns the agency. "Taxpayers will not receive additional recovery payment with a tax refund in 2023 because there was no payment to the economic impact for 2022. In addition, taxpayers who do not detail and do not take the Standard deduction, will not be able to deduct their charity contributions. ""
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