Did you file your tax return on time and still haven’t gotten a refund check?
If you answered yes, the IRS probably owes you interest.
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Does the IRS owe me more money now?
The deadline for most Americans to file their tax returns is April 18, and by now most Americans have received their refunds too. The IRS has issued more than 96 million refunds this season and the average was $3,039 each. If you filed on time, and still haven’t gotten a check, the IRS probably owes you more money.
The IRS is required to start paying interest on delayed payments 45 days after receiving the tax return.
To see the status of your expected tax refund, you can use the IRS refund tracker tool.
Starting July 1, the overpayment interest rate for the IRS will increase to 5%. Right now, the interest rate is 3%. However, the interest on your refund will be considered taxable income.
Why is my refund delayed?
There are several possible reasons for a delay. Some of the most common are:
- your return has errors or is incomplete.
- there is suspected of identity theft or fraud.
- your return needs further review.
- improperly reconciled your stimulus payment with the recovery rebate credit
If there is an error that needs to be fixed, the IRS will try to fix it first but will contact you via mail if they need more information.
Also, paper tax returns take much longer to process than electronic ones.
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