Don’t worry if you filed your 2023 tax refund but have not yet received your refund. There may be a valid explanation for the delay. This article will investigate the potential causes and provide you with the information you need to remedy the issue.
Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) is one of the primary causes of delayed tax refunds (ACTC).
Missing Tax Refund
As required by law, the Internal Revenue Service (IRS) cannot issue refunds related to these credits before mid-February.
This postponement applies to the entirety of your tax refund, not just the portion associated with the tax credits you claimed. The 2015 implementation of the Protecting Americans from Tax Hikes (PATH) Act necessitates the withholding of refunds for those claiming these credits until at least February 15, even if they filed early.
In certain instances, refunds may be delayed if the IRS needs additional information to process your tax refund. If there are no issues with your tax refund, you filed online, and you requested direct deposit, the IRS anticipates refunds will be issued by February 28 or a few days after.
Importantly, delays may also occur if your bank does not process payments on weekends or holidays, or if your bank requires additional time to approve your direct deposit or issue a debit card.
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Where’s My Refund Website
Where’s My Refund is a website maintained by the IRS that provides real-time notifications on the status of your tax refund. Tax Refund amounts decline in 2023, but total refunds reach an all-time high.
The amount of tax refunds received by Americans has decreased by 10.8% compared to last year. In 2023, the average refund was $1,963, compared to $2,201 in the previous year. However, the total quantity refunded has significantly increased. The IRS has issued $15.696 billion in refunds for 2023 as of February 3, compared to $9.533 billion at the same time last year.
The IRS has confirmed that this year, more Americans are preparing their own taxes than last year. In recognition of the impact of the coronavirus (COVID-19) pandemic on the previous three tax seasons, the IRS has taken additional steps to improve taxpayer service in 2023. As part of the Inflation Reduction Act, these measures include the employment of over 5,000 new telephone assist employees and the addition of more in-person staff.
If you are still awaiting your tax refund, exercise patience and utilize the IRS’s available tracking resources. In the majority of instances, refunds are processed within the allotted window. However, if you have questions or require additional assistance, please contact the IRS directly.
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