Waiting on your tax refund? Here's why your return may be taking longer this year

2024-12-25 23:25:31 source:lotradecoin exclusive trading tools category:Contact

While patience may be a virtue, the Internal Revenue Service has a way of reaching a person's limits of virtuosity.

Tax season is entering crunch time — with the deadline just over three weeks away — and people who filed earlier in the window may wonder why a return is taking so long to process.

The IRS has received 1.7% fewer returns this tax season but has processed 2% fewer returns this year compared to 2023, according to Forbes.

This year's tax filing window is narrower as it opened a week later and will close nine days sooner than in 2023.

Here's why your tax return may be delayed.

How long does a tax return take to process?

The IRS says that most refunds are issued within 21 days of being received.

The Revenue Service offers the "Where's my Refund" tool where filers can check the status of their returns.

The tool updates once a day.

What could be delaying my tax return?

The IRS says that tax returns can be delayed for the following reasons:

  • It was sent by mail
  • It contains errors or is incomplete
  • It needs further review
  • It is affected by identity theft or fraud
  • It was referred to the IRS by the bank due to suspicious activity
  • It includes an Injured Spouse Allocation form, which could take up to 14 weeks to process

What is the average tax refund?

The average tax refund issued by the IRS as of March 1 is $3,182, a 5.1% increase compared to the similar filling period in 2023. The trend may not hold as refund amounts dropped 13% between March and April, according to Barrons.

More:Contact

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