promoearn: The Daily Money: Ready or not, it's tax season. We're here to help

Sunday, February 27, 2022

The Daily Money: Ready or not, it's tax season. We're here to help

ALL THE MONEY NEWS YOU NEED TO KNOW

Sunday, February 27

Good morning, Daily Money readers! It's Brett Molina here to answer the first question likely on your mind right now: Why am I getting this newsletter on a Sunday?

There are two guarantees in life: death and taxes. For the next eight weeks, we'd like to introduce a third: a special Sunday edition of The Daily Money focused on tax season.

Starting today and every Sunday through April 17, we're going to deliver tips and advice on how to navigate tax season. We'll help you answer all the tough questions including how to file if you moved between states, what to do with that bitcoin investment you made last year, and more.

Don't think because you already filed your taxes this newsletter won't help. Let's start our special edition with a topic on many taxpayers' minds: Where's my refund?

On the federal level, start with the IRS. There's a section of their website focused on refunds. Drop in your Social Security or individual taxpayer ID number, filing status and the exact refund amount, and it will provide an updated status.

They've got an app, too, called IRS2GO where you can check the whereabouts of your refund. The IRS says most refunds should arrive by March 1 if you filed early. Your status will be available 24 hours after you file electronically or four weeks after you mailed in your tax return.

When should you worry about your refund? The IRS says you should call them if it's been more than 21 days since you filed electronically or you see a message in your refund status to contact the agency.

Some reasons your refund might be delayed according to the IRS include incomplete information, an issue related to identity theft or fraud, and claims for certain tax credits.

Last year, some taxpayers waited between six and eight weeks for refunds as the IRS tried to process an overwhelming backlog of returns.

"There are important steps people can take to ensure they avoid processing delays and get their tax refund as quickly as possible," said IRS Commissioner Chuck Rettig in a statement in January. "We urge people to carefully review their taxes for accuracy before filing. And they should file electronically with direct deposit if at all possible; filing a paper tax return this year means an extended refund delay."

At the state level, most governments have websites where you can check. Easiest way to find it? Google your state and "refund status."

Another good tip? If you filed electronically, set up an alert with your banking app to inform you when a deposit is made, so you know the moment your refund has arrived.