According to the IRS, All taxpayers have the right to file for extensions as long as they do so before Tax Day, which many people did because they needed more time.
Those who received extensions from the IRS were given an additional six months to organize their affairs, but they are already running out of time.
To make room for a holiday in 2022, Tax Day was pushed back from its usual date of April 15 to April 18.
The agency will not extend any further grace periods after the final due on Monday, October 17. The IRS may still owe you money if you haven’t filed yet, and in some situations, even if you have. Here are some explanations as to why you might still owe the money.
Haven’t Filed Your Tax
You might already have submitted your paperwork if the agency granted your request for a six-month extension of the initial April 18 deadline. If you did, your return most likely arrived in three weeks because the IRS processes most refunds in just 21 days.
But if you’re a late filer who hasn’t done so despite the extension due being less than ten days away, your delay may be preventing money from leaving your checking account.
You overpaid To The IRS
Even if the IRS gives you an extension, you must still pay your tax payment by the original due date, which in this case was April 18. When estimating a tax bill, it’s always best to err on the side of caution since, when dealing with the IRS, it’s always preferable to overpay and receive a refund than to underpay and receive a bill with penalties and interest.
You might be pleasantly pleased to discover upon filing that you overpaid if you requested an extension and paid your projected amount. In that situation, the IRS will refund the difference to you.
Read more: IRS Warns Americans Could Get Smaller Tax Refund in 2023; Here’s How to Get All Your Money
The IRS Has Not Processed Yours
The IRS has completed processing 97% of the received returns by mid-July. Even still, as of September 23, the organization was still going through a backlog of 6.2 million unprocessed individual returns. That covers both late-filed returns from prior years and returns from the tax year 2021.
It’s possible that the overworked, understaffed agency hasn’t yet gotten to your returns if you’re still waiting.
Tax Returns Errors
The agency is still going through 6.2 million returns, and 1.6 million of those had mistakes that needed fixing or other special processing.
If possible, the agency will correct the mistakes; otherwise, it won’t get in touch with you until it needs further information or verification of information that it already has. The agency can end up owing you money once those mistakes are fixed.
Read more: Social Security Payment: The First Thing To Do With Your Money Is Crucial!
