The law requiring the IRS to delay issuing refunds for certain taxpayers has caused a lot of uncertainty this tax season. In fact, it is believed that this delay, which impacts those claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), is partially responsible for up to a 78 percent drop in refunds compared to this time last year. This has left many wondering when they can expect their refund in their bank account.
The long wait is almost over. The IRS will begin issuing refunds to those impacted today. While this means that many consumers are one step closer to a refund, the National Consumer League is warning consumers to be prepared to wait an additional two weeks. Due to processing times and the Presidents’ Day holiday, consumers may not receive their refunds until the week of February 27.
For those worried about the status of their refund, we encourage the following:
Visit irs.gov/refunds or the official IRS2Go mobile app. These remain the best ways to check the status of a refund. The official IRS2Go smartphone app is available in both English and Spanish on the Apple App Store, Google Play, and Amazon.
The IRS will update their projected deposit dates for early EITC and ACTC refund filers a few days after Feb 15. Until then, taxpayers will not see a refund date on irs.gov/refunds or the official IRS2Go mobile app. While checking online won’t speed up the arrival of a refund check, these resources can help consumers better plan for any cash shortfall a refund delay causes.