Hey guys, it's Ginny Silver and today I want to
talk to those of you who are trying to figure
out when you will be receiving your 2021 tax refund.
For those of you who are filing income taxes
with the IRS in 2022, you may be getting
frustrated that your refund refund is delayed late or
you just don't know what to expect.
I want to share with you the best
way to check your tax refund status and
it is not the Where's My Refund tool.
Now, the IRS States that typically most returns
receive their refunds within 21 calendar days.
If you are seeing refund schedule such
as this or similar shared around the
internet and YouTube, this is an estimation.
This does not come directly from the IRS,
but rather different CPAs, bloggers and organizations are
putting together estimates based on IRS patterns, these
21 days and other various reasons.
Now, there are a variety of reasons why income tax
refunds are delayed and this can include a variety of
different things such as the IRS mounting backlog, as well
as the type of credits that you claimed on your
taxes and specific requirements associated with those credits.
I outline reasons for problems and delays in the video
that I'm going to link down below in the video
description, which is why utilizing calendars such as these, which
don't actually come directly from the IRS or planning on
that 21 day rule, doesn't quite give you all the
information and it's best to pull your transcript and see
exactly what is going on so you get better insight.
Where's my refund tool is
helpful for quick information.
However, pulling your transcript directly from the IRS dot
Gov website will actually show you detailed updates in
pretty close to real time because the IRS will
either update your transcript daily or weekly depending on
which type of cycle you are on.
Now, the cycle number is helpful to understand
because this will tell you if you can
expect either daily processing and updates to your
transcript and your refund or weekly updates.
Only the first four digits correspond to the year,
the next two digits correspond to the numerical week
of the year, and the last two digits correspond
to the IRS processing day of the week.
Now, I don't want you to overcomplicate
deciphering this number too much, so I'm
going to really simplify this here.
If the last two digits in your cycle code show
01020, three or four, then your master files and your
return is being processed and updated on a daily basis.
This means that you can check your transcript daily for
updates and if you see that a refund has been
issued, then it most likely will hit your account within
one to several days as long as it does not
have to go through a third party bank account first.
However, if in your cycle code, the last two digits
that you see are five, then your master files are
not updated daily, but rather are being updated on a
weekly basis because the IRS is processing your updates and
your refund on a weekly basis only.
This means that the updates to your transcript in
your account and your refund is going to be
slower to hit your bank account because the IRS
is only processing it on a weekly basis.
If you're on a weekly processing basis, then your
transcript master files are updated late Thursday night and
in most cases you'll be able to view those
changes in your transcripts on Fridays.
Where's my refund for weekly processing accounts will
only be updated in most cases on Saturdays,
and direct deposit dates for weekly accounts will
most likely be on Wednesdays, whereas daily processing
accounts will be updated daily.
The codes that the IRS utilizes
are all published in this publication.
That I'm going to link in
the video description down below.
If you see a code on your transcript and you
want to know exactly what it means, click the link
in the video description and you can view all of
the transcript codes and exactly what they mean.
Now I want to go over a few of
the common codes that many of you expecting refunds
are going to see on your transcript.
The Taxpayer Advocate Service lists out several of
these common codes and what they need.
One common code that is often misconstrued is Code 420.
This means that your transcript has been pulled and
has been assigned to the examination or appeals Division,
which means that something in your tax return does
not quite line up and you are being looked
at to see if you need an audit.
If you are chosen for an audit, then you
will receive a specific notification about that audit.
The next common code that many of you may
see is IRS Code 570 on your transcript.
This does not mean that you have been
selected for an audit, but rather that they
are waiting to verify some specific things.
And this can vary quite differently between person
to person things that this can include can
be IRS debt ID verification, missing income statements,
wage verification issues, or other complications.
If you see Code 570, then you should anticipate
a delay in your refund and anticipate that the
IRS will need additional time to process this until
the action or information needed in order to continue
processing your refund is received, then the IRS will
put a freeze on your refund.
You'll know that this has cleared.
When you see Code 571 or 572
appear on your transcript, this means that
the freeze has been lifted or reversed.
The next common code that many of you may
see is going to be IRS Code 826.
This means that your refund is being utilized to
pay past debts and the code that you do
want to see on your transcript is Code 846.
This means that you have been issued a refund.
Now, the term refund issued shown on your
transcript is a bit misleading because this means
simply that it has been debited from the
IRS internal system but has not necessarily been
posted to your account in your own bank.
Next I want to show you exactly how
you can pull your transcript from IRS.
Gov you're going to visit IRS.
Gov and you're going to log into your account.
If you have not opened an account with the IRS
it's going to take you some additional time because there
are going to be several steps that you have to
go through in order to first confirm your identity.
Now once you're logged into your account you'll see
the account homepage click the view tax records link
on the next page click the get transcript button.
Here you're going to see a drop down menu
asking the reasons you need a transcript select federal
tax and leave the customer file number field empty.
Then you will click the go button.
Now the next page will show you your return
transcript records of account transcript account transcript and wage
and income transcript for the last four years.
Okay you guys, I hope that was helpful.
Please let me know in the comments down below.
Were you able to access your transcript?
Did you see any codes on there and
what is the status of your refund?
Lastly, if you have not seen this recent video of mine
please make sure that you click through and view it because
the IRS made a mistake which is going to impact many
of you getting your tax returns rejected unfortunately so I want
to make sure that you exactly the mistake that they made
so that you can cross reference and in fact correct the
letter that they may have sent you.
Okay guys, I hope that was helpful.
Please remember to click like subscribe and
leave me a comment down below.