Some tax refunds may be delayed this year. Here’s why – By Irina Ivanova (Moneywatch) / March 28, 2022
Three weeks before the official end of tax season, the IRS has issued nearly 50 million tax refunds. But many others are still waiting for a refund. In addition, the agency has a backlog of nearly 7.5 individual tax returns it’s processing from prior years — far more than the 1 million it usually has going into a tax season.
Here’s why some refunds might be taking longer this year — and what taxpayers might do about it.
Why could tax refunds be delayed?
There are a number of reasons a refund might be held back. Math errors or simple typos are often responsible. Common mistakes the IRS has flagged as leading to delays include: selecting an incorrect filing status; forgetting to list all income including bank interest and unemployment compensation; not answering a question on trading cryptocurrency; or having a typo in your name, address, Social Security number or bank account number.
CONTINUE > https://www.cbsnews.com/news/tax-refund-delayed-internal-revenue-service-backlog/
