Millions of Americans have rushed to file their taxes as soon as they can to see their refunds from the IRS as fast as possible.
While the IRS says the season will be closer to normal than most, that may not be the case.
The IRS still have millions of unprocessed 2020 tax returns.
The IRS plans to send refunds out 21 days after returns are processed, but some factors may delay it.
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Here are 4 reasons you may not see your tax refunds on time
First, you may not have completed your tax return or you put incorrect information on it.
This can happen if you wait to complete your return and rush through it.
It could be as simple as the wrong banking information.
If you don’t update your change of address that will prolong your processing time.
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Next, if you claimed the child tax or earned income credit, expect delays.
There are regulations in place for these credits to help combat tax fraud.
By law the IRS cannot start sending funds until mid-February if they’re with those credits.
If you choose to file a paper return over electronically filing, you face potentially long wait times.
It can take 6 to 8 weeks to see a refund, and it runs the small risk of getting lost in the mail.
Finally, you may just end up facing a processing delay.
There were still 6 million unprocessed 2020 returns on Dec. 31, 2021.
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