Be patient if you get this message during early February (January 15 through February 5). Those who are due a refund generally only need to file the extension request by April 18, 2023. According to the IRS, most tax refunds are issued within 21 calendar days from the No more vacant rooftops and lifeless lounges not here in Capitol Hill. The IRS has announced it will start accepting tax returns on January 23, 2023 (as we predicted as far back as October 2022). Ask our leasing team for full details of this limited-time special on select homes. Just be sure to do so at the right time. Lets examine the differences between IRS being processed vs. still being processed more closely and debunk their true meaning. Of course all the standard technical analysis tools, indicators and charting functions are included in our FREE charting package, but we've gone Beyond Charts for those searching for more. However, be prepared to stay on the line for a long time before your call is answered. A refund date will be provided when available.". If you filed electronically or mailed your return by January 31 (before the February 1 deadline) this year, you should be able to check your refund date using our Wheres My Refund? If you havent filed your tax return yet and are wondering how long it may take to get your refund when you do file, youre not the only one looking for the answer. Whether youre interested in researching and testing your ideas, saving and recalling your favourite analysis or accessing tools and strategies from leading Industry Educators, Beyond Charts+ is modern, powerful and easy to use charting software for private investors. Why is the 2023 tax deadline April 18 instead of April 15? This is solely to update you that your return was successfully received by the IRS. And the number of direct deposit refunds is up, too -- by more than 20% -- from 21.8 million in 2022 to 26.3 million in 2023. You should wait until they are done reviewing everything before getting excited about receiving an immediate update on your refund status. Also, you may be asked to go through the additional identity verification if the agent cant determine your identity with the information included in the tax return. How to choose a moving company when moving? Allec Media LLC However, if it takes more than 21 days to process the return, then you should check your refund status. Direct deposit payments are typically received within three weeks, compared with six to eight weeks for paper checks. Your return being processed mean that your tax return is being processed. If there are any mistakes, or if you submitted a claim for the earned income tax credit or the child tax credit, you may have to wait a long time. All rights reserved. Keep reading as we have gathered exactly the information that you need! If you submitted your information properly, you will be sent to a page that displays the status of your refund. WebIf the we have received your tax return and it is being processed status doesnt change, how long it has been is very vital. The tax refund is still being processed message sometimes appears due to a large number of tax returns the IRS is currently processing. The IRS needs more time to process your tax return. See? Due to the end of theexpanded child tax creditand other enhanced tax breaks, the average refund has declined by 11.2%, or about $396, from 2022. Want CNET to notify you of price drops and the latest stories? If youve had major income changes this year, had a child, got married or divorced, retired, bought a house, or changed investments, or made any other really significant life changes, you should definitely seek the advice of a tax professional like a CPA or EA in order to make sure you are complying with tax laws and also taking advantage of new changes that could benefit you. However, if this message replaces the tax refund is still being processed message. Over 97% of the 36.9 million tax returns submitted so far in 2023 have been filed electronically. No lawyer-client, advisory, fiduciary or other relationship is created by accessing or otherwise using the Lawyer.Zone's website or by communicating with Lawyer.Zone by way of e-mail or through our website. Ask for FREE. The IRS has to hold refunds for taxpayers that claim the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February to allow more time to verify income levels and other information claimed on these returns. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Most state tax refunds are issued within three weeks after the accepted e-filed federal return. While the above IRS codes can give you information on reasons your return is still processing or refund is lower than expected it does not give you much information around when this happened or when subsequent processing will occur. This year, its because the IRS is in full-fraud-fighting mode. According to a recent study, just 7% of callers reached a telephone representative for assistance. Conditions apply. Checking your accounts transcripts is the fastest to find out if any of your account codes are worrisome. MBA, Enrolled Agent. If you file a paper return, it could take six to eight weeks. Visits to the IRS website, meanwhile, have declined 14.3% this season. While there are many reasons why your tax return may still be processing, the most common are: Your tax return was incomplete and is being reviewed by the IRS. Approved means that your request and refund amount has been approved. Do You Know How to Rent Apartments That Accept Evictions? This is horrible. Been preparing taxes professionally for 10+ years. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. During normal business hours, you may reach us at 800-829-1040 or 800-829-8374. Tax Refund is Being Processed message will be replaced by the Refund Approved message if the IRS doesnt detect any red flags during the review. In most instances, taxpayers may only exercise patience since the tax office is difficult to contact. on IRS.gov or through our mobile app, IRS2Go. Although vague, the message implies that the IRS needs over three weeks to issue a refund. Waiting on Tax Refund? This is one of the most common tax questions we receive, and its an important one. I recommend you look into the following legal terms and concepts. App around 24 hours after successful electronic filing or four weeks after mailing a paper return. This message should be accompanied by Tax Topic No. Once you file your return on eFile.com, your status will change - if it is Accepted, the IRS has acknowledged and accepted your return. Save my name, email, and website in this browser for the next time I comment. First, its important to note that if you have already filed your income tax return, youll need to be patient and wait for your refund to come. This year, millions of Americans have received perplexing IRS math-error notifications indicating that they owe extra taxes. How To Remove LVNV Funding LLC? If you want to make sure you expedite the processing of your request, use the e-filing services to submit your income tax return electronically and provide the IRS with your direct deposit information so you get paid faster. Many arithmetic mistake notifications are imprecise and do not properly convey the severity of the issue, according to the Taxpayer Advocate Service. Elements of Negligence (Overview: Elements To Prove In Law), Negligent Homicide (Legal Definition: All You Need To Know), Your Tax Return Is Still Being Processed (All You Need To Know), How Do I Check The Status of My Tax Refund, Your Tax Return Is Still Being Processed FAQs, Your Tax Return Is Still Being Processed Takeaways, Does Walmart Drug Test (Answered: All You Need To Know), Gun Serial Number Lookup (All You Need To Know), You have missing information in your return, The IRS intends to do an additional review of your file, The IRS is assessing potential security issues (identity theft or fraud for example), You will need your Social Security Number, filing status, and the exact refund amount, Click on Check My Refund Status and provide the information needed, Provide your bank information to the IRS so you can get your refund through direct deposit, Make sure that you do not have any errors in your tax return before filing, Make sure you provide your correct civil status (example, married, single, widow, widower, etc), Make sure to report all your taxable income on your return, If you received unemployment compensation, include them in your return, Make sure that you have not made data entry mistakes, Answer all the virtual currency questions, Make sure you sign and date your tax return, Its been more than 21 days since they have electronically filed their return, Its been more than 6 weeks since they have filed their paper tax return, A message appears on the Wheres My Refund? The IRS updates you with We have accepted your tax return and it is being processed. Thank God! The plus-up stimulus adjustments, as well as the third advance monthly check of the child tax credit payment, which went out today, may provide some financial comfort to families, but an overdue tax return would be much more beneficial. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. The IRS says most e-filed tax refunds are direct deposited into taxpayer bank accounts in as little as 10 days, so why pay to get your refund? Some people have noticed that, similar to the stimulus cheques, the first two installments for the child tax credit have been sent. As of July 15, If there is a problem that is delaying the processing of your return, the resolution depends on how quickly and accurately you respond, as well as the ability of IRS staff trained and working under social distancing requirements to complete the processing of your return, according to the IRS website. You will receive your tax return within three weeks of filing. DISCLAIMER. Opinions, reviews, analyses & recommendations are the authors alone, and have not been reviewed, endorsed or approved by any of these entities. What Does the Tax Refund is Being Processed Message Mean?. They are working on it. When you file your 2022 tax return, youll notice your child tax credit is significantly smaller than last year. So maybe you are waiting on a letter or its an error somewhere. , just 7 % of callers reached a telephone representative for assistance for paper.... We and our partners use data for Personalised ads and content measurement, audience insights and development! 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