Slight Delay For Income Tax Returns For 2017
Bad news! According to the U.S. Internal Revenue Service, people may not see refunds until mid-February and, in some cases, later.
John Koskinen, IRS commissioner, said the agency wants to make people aware of the change when buying this holiday season. He said he didn’t want anyone to be caught off guard if their refund isn’t seen as early as previous years.
The agency said many refunds would be delayed for a few weeks due to a new law and the boost in protection against fraud and identity theft.
For people who claim the earned income tax credit and additional child tax credit, the money may not be available until at least Feb. 15. The EITC is available for working people who fall in the low to moderate income levels; the ACTC is a refundable tax credit for parents.
The agency said a new law about the EITC and ACTC requires the IRS to hold onto refunds until mid-February. On top of that, the IRS and quite a few states implemented several refund fraud and identity theft protections, which means some refunds and tax returns will get a deep review.
The IRS said anybody who doesn’t claim the ACTC or EITC would see their refund within 21 days after the IRS accepts their return. People can use the IRS IRS2Go phone app or Where’s My Refund tool on the website to find out what the status of their refund is.