IRS Tax Refunds: Why are some taxpayers getting $121 extra payments?
The good news for taxpayers is that the Internal Revenue Service (IRS) is legally obliged to pay interest on refunds
The good news for taxpayers is that the Internal Revenue Service (IRS) is legally obliged to pay interest on refunds
that have not been processed inside 45 days of the return being received.
that have not been processed inside 45 days of the return being received.
In 2021, for example, the IRS had to pay out 3.3 billion dollars
In 2021, for example, the IRS had to pay out 3.3 billion dollars
to taxpayers in interest, while on April 29, 2022,
to taxpayers in interest, while on April 29, 2022,
there were still 9.6 million returns that had not yet been processed.
there were still 9.6 million returns that had not yet been processed.
Some of the reasons behind the delays is that the laws regarding stimulus checks and
Some of the reasons behind the delays is that the laws regarding stimulus checks and
child tax credit payments have caused a bit of confusion, leading to returns taking longer to process.
child tax credit payments have caused a bit of confusion, leading to returns taking longer to process.
Should you be waiting for a period longer than the aforementioned 45 days,
Should you be waiting for a period longer than the aforementioned 45 days,
the interest you will get for your tax refund is decided by the federal short-term rate, as well as an extra three percent.
the interest you will get for your tax refund is decided by the federal short-term rate, as well as an extra three percent.
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