Hey guys, it's Jenny Silver with an
IRS Tax Refund update for you today.
On March 1 was the first date that the
IRS stated that it would begin to process tax
refunds from those tax returns that claimed either the
child tax credit or the earned income tax credit.
The IRS is restricted by the Path Act, which is
a federal law that prohibits the IRS from processing tax
returns that claim a child tax credit or an earned
income tax credit until after February 15.
The IRS previously stated that they would begin
issuing these refunds on or after March 1
for taxpayers who claimed these credits.
Now, many individuals have reported that they have
received a March 1 estimated payout date.
Some of you may have been scheduled to receive
your refund today and may have seen that March
1 day listed on Where's My Refund?
If you're still awaiting a refund, please keep in
mind that it can take several business days for
your bank to actually post the funds.
Additionally, for those of you that utilized a
professional tax preparer, if that tax preparer accepts
your refunds into a temporary account before it
is forwarded over to your own personal bank
account, then expect an additional delay.
Now, while some may have received their refunds
from the IRS today, many will also continue
to receive their refunds from the IRS as
it continues to process these in batches.
There are three different ways that
you can check your refund status.
Number one is to check on Where's My Refund.
Number two is to check IRS to go.
And number three is the most detailed method
which less people know about, which is checking
Your IRS Transcript in order to check your
IRS transcript, you're going to go to IRS.
Gov and follow the instructions in the
video that I have linked down below.
Now once you have the transcript, you're going to
look at the cycle code at the top.
If it ends in 10203 or four, that means
that you are on a daily processing schedule.
Those individuals who are on a daily processing schedule
those on a daily processing schedule will receive updates
to their transcript and their refund much faster since
the IRS processes changes on a daily basis.
For those who have a cycle code ending in five,
this means that the IRS processes changes to your transcript
and their master file once per week, so you will
have a slower basis for seeing changes on your transcript.
For more details on this specific schedule,
click the link in the video description.
If you see Code 846, that means that
your refund has been scheduled by the IRS.
The date next to this code is going
to denote the approximate date that the IRS
plans to send the funds over to you.
Please note that this is not the date
that you will necessarily see them appear in
your account or receive the check.
If you are on a daily processing schedule,
then anticipate a few business days after this
date to receive a direct deposit and if
you're on a weekly processing schedule, anticipate about
a week before you see the funds deposit.
Next, let's talk about those of you who
in your transcript are seeing Code 570.
If you see Code 570, this means that the
IRS has issued a temporary freeze on processing your
tax return until they receive more information.
No action is required by you, but unfortunately
this does delay the process of the IRS
moving forward with your tax return.
If you see a date listed next to Code
570, then this is the approximate date that the
IRS anticipates being able to resume processing your return.
Once you see Code 571 or 572 added onto your
transcript, that means that the IRS has received the information
that they needed and has proceeded onto processing.
Next, let's talk about Tax topic 152.
This is a generic message that the IRS
post when it is still processing your return.
It is not caused for alarm and there
is no action needed on your part.
It is perfectly normal to see this
message as it means that the IRS
is simply still processing your tax return.
However, for those of you who are seeing Tax
topic 151, this refers to the fact that your
tax refund will be offset by government debt.
This means that if a taxpayer has an outstanding liability
or default with the state or federal government that their
tax refund will be applied either in part or in
full to pay for the outstanding debt.
Lastly, many of you are letting me know that your
tax return from last year over a year ago is
still pending that you have not received your tax refund
despite filing over a year ago for tax year 2020.
Unfortunately, the IRS is still incredibly backlogged and
many individuals who filed last year, specifically those
who filed with paper filing, are still experiencing
a delay in receiving their refunds.
You can contact the IRS to ensure that there is
no issues on your end that are within your control.
However, in most cases, the IRS is reporting
to taxpayers that they simply must wait.
If the IRS is not able to help you, then
I would recommend that you contact the Taxpayer Advocate Service.
Another alternative which may be worth a
try is to contact your assembly member.
You can locate your assembly member by
utilizing the link in the video description.
Ok you guys, I hope that was helpful.
Please let me know the status, status of
your tax return and refund down below.