IRS Tax Refund Delay? Change Your Banking Information Now!
If you are one of the millions of Americans awaiting a tax refund from the IRS, it’s essential to check your bank information. Delayed tax refunds are not uncommon, but waiting longer than necessary is frustrating. Fortunately, you can take steps to speed up the process and get your money sooner.
Why Tax Refunds Are Delayed
The processing time for tax refunds can vary, but several factors can cause delays. The IRS may place a hold on your tax refund if you owe any back taxes or if it is reviewing your tax return for errors, fraud, or identity theft. In 2020, COVID-19 resulted in a significant backlog of tax returns that are still being processed.
Another common reason for delayed refunds is incorrect banking information. If you’ve recently changed banks or closed your account, your refund will be delayed significantly. The good news is that you can update your banking information with the IRS to get your refund sooner.
How to Update Banking Information with the IRS
To update your banking information with the IRS, you will need to do so through the “Where’s My Refund?” tool on the IRS website. You will need your Social Security number, filing status, and the exact amount of your refund to access your account.
Once you log in, you should see a message that says “Refund Status Results” in the middle of the screen. If your refund is still being processed, you will see a message that says “Being Processed” next to the progress bar. If you see a message that says “Refund Sent,” then your refund has been processed, and you should look for it in your bank account within a few days.
If your refund is still being processed, click on the “Change Your Address” or “Add Direct Deposit Information” link to update your banking information. You will need to enter your new banking information, including your bank routing number and account number, to the form.
Why Update Your Banking Information Now?
If you’ve changed banks or closed your account, it’s critical to update your banking information as soon as possible. The IRS typically takes at least two weeks to process banking information changes, so you don’t want to wait until the last minute to do so.
By updating your banking information now, you can avoid any unnecessary delays in receiving your tax refund. The process is simple and can be done online, so don’t wait until it’s too late.
Conclusion
If you’re experiencing a delay in receiving your tax refund, it could be because of incorrect or outdated banking information. Updating your banking information with the IRS is a simple process that can be done online. Don’t wait until it’s too late to update your information and receive your refund sooner. By taking this simple step, you can avoid frustration and ensure that you get your refund as quickly as possible.
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