When the tax season comes, you will see people eagerly waiting to get a Tax Refund 2020. But they keep waiting, and in the end, did not get it. While they can speculate, we have got some real reason for Late Tax Refund. Maybe it will happen to you. But you or anyone can avoid it. You simply need to take care of few things which will make sure things go smoothly as possible.
Do you know in 2019, IRS has given more than 111,596.000 refunds. However, maybe in 2020, you will wonder where my rebate. To Avoid this Do follow these tips.we are not saying you won’t receive your tax refund 2020; we are saying it may get late.
The Reasons for the Late Tax Refund
Now, There are many reasons regarding it. We will explain them one by one. After reading it, you will know what actions to take.
Check if you had Filed Wrong Information
Well, we will begin with the basics. If during filing, you had many mistakes. It would be one of the reasons for getting a late tax refund. It can quickly slow down the process. When IRS detects the errors, they do a review of the case. They will find the mistake than rectify it. It could easily take days or sometimes weeks to do it.
What if the Return was not completed
Now, we move to another issue. You see, When IRS issues a review, it is bound to get a late tax refund. The incomplete return is one of them. We can easily understand it via an example. Let’s say you were filing via paper return. But you forget to enter the Social security number. It’s a human error, could happen to anyone since it is essential information. Maybe you left a signature on your tax form. Since it is left, IRS won’t be able to process your information. Now until IRS get it cleared in the system, you won’t be able to receive 2020 Income Tax Refund.
Maybe You Become a Victim of Late Tax Fraud
It is more common than you think. In simple words, Tax fraud means when someone uses your personal information to get those tax refunds. IT was meant to get into your account, but now someone else had claimed it. Do you know in 2019, IRS had identified more than 15 million in Tax Refunds frauds. If you think you have become a victim of it, then the best way to deal with it is to report to IRS and Federal Trade Commission. They will take the right action.
What if your Tax Refund 2020 Would get Sent to a Wrong Bank
Ok, there is a rare chance of happening it, but still, it could happen. If you have filed online, then choose the option deposit the money directly, then it could happen. However maybe, you punched a wrong number, then there is a chance it could get into someone else’s account. If it ends up getting in someone else’s account, then You have to contact the bank directly. IRS will not do anything into this matter.
What if the Late Tax Refund was paid for a debt
If you owned a lot of debt, then it is a possibility, you won’t receive a Tax Return Calculator 2020. For example, if there was unpaid child support, Any student loan, or due state taxes. IRS will take an offset then paid the remaining debt by getting money from a tax refund.
So, now you are wondering why there was no tax refund. You had enquire about it. Now you will get a response back from the bureau explaining the situation.
Were there any Tax Credits
There are many kinds of Tax credits out there like Additional Child Tax Credit, Earned Income Credit are some of the tax credit which you reduce the tax liability. You should know it works on Dollar to Dollar basis. If you had claimed the credit, then it could be the reason your tax refund has arrived yet.
So, these are some of the reasons why smart things to do with your tax refund 2020 could be late. So, before you filed the taxes, whether by mail, paper or online, double-check everything and do a smart things to do with your Tax Refund. If you make even one mistake, a tax refund won’t reach you in time. There is another reason which would be the reason. If you file taxes too early or too late, then Maybe the refund will be late. Sometimes, The refunds from the mailbox also get stolen as well. Check it out as soon as you got a response from IRS. We wish you the best in tax filing. As we said, before you do the final tax filing, do check out everything to make sure there is no mistake.