It’s November and some people are still waiting for their tax refunds from last April when they filed them.
At this point, it might be a good thing because the IRS is paying interest on the refunds that people are still waiting for.
The IRS blames the pandemic for late refunds and says they are doing their best to finish all 2020 tax refunds before the next tax season begins.
Anyone expecting their regular refund is going to see a little extra money. The IRS starts adding interest when a tax return hasn’t been refunded within 16 weeks, according to WANE Channel 15 News. It collects on interest until it’s sent back to the taxpayer that filed. The interest does not need to be claimed and is tax free.
The interest will either be deposited with the refund or sent by paper check. Businesses aren’t entitled to interest.
If you need to contact the IRS for information on your refund you have not yet received, it’s best to try to contact them in the morning at 800-829-1040.
While the interest is a good thing, many people are still struggling without their refund.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].