If Your tax return is still being processed after three months, this post will guide you. Did you know that IRS issues are the most common tax problems? The IRS has a reputation for being one of the most feared organizations in America. Their collection tactics and powers are often seen as overbearing and unfair.
But you can solve most tax problems with a little education, knowledge, and patience. That’s why Allegiant Tax Solutions is here to provide you with all the information needed to clear up any tax problem you may have. Unfortunately, the tax filing and previous tax season have been extended until July 15.
There are many reasons that your tax refund might be delayed. Maybe your tax returns and employer’s numbers didn’t match, or you skipped the line or whole application. Your claimed credit that the IRS doesn’t recognize takes longer to verify.
When your tax return is still being processed after 3 months, what does it mean?
Suppose your tax return is still being processed after three months. In that case, the Internal Revenue Service (IRS) is still reviewing and processing your tax return. It may seem like an eternity has passed, but the IRS only finishes processing tax returns once every two weeks.
Since the IRS processes paper tax returns sequentially, you have to wait until they finish processing all of the paper tax returns submitted before yours. Instead of filing electronically, your refund will be delayed if you send a paper tax return.
IRS system issues
- The IRS may be experiencing technical difficulties with its computers.
- If you think that your return or refund is taking too long to process, your first course of action should be to check on the status of your return online using the “Where’s My Refund?” tool. You can also check the IRS website for recent updates or issues that may affect processing times.
Coronavirus and the global pandemic
In the wake of the coronavirus outbreak in early 2020, the IRS issued new guidelines for taxpayers. Among these was a new tax season deadline: All U.S. taxpayers were allowed to postpone their 2019 income tax returns and payments until July 15, 2020.
The effects of this federal policy stretch far and wide in the world of taxes, but there is one thing that it does not affect: Tax refunds for 2019. As with previous years, you should generally receive your refund within 21 days if you filed electronically (and if your return hasn’t been flagged for further review). If you mailed your return, plan on waiting 6-8 weeks before checking on its status or hunting down a missing refund.
According to the IRS website, those who received stimulus checks earlier this year do not need to deduct that money from their refunds when they file their taxes. It is considered an advance payment toward your taxes rather than a direct payment.
However, any taxpayer who received unemployment benefits during 2020 will have to pay taxes just like usual. These benefits are considered taxable income. Be sure not to include unemployment benefits as income twice when filing your tax return.
Unfortunately, the tax filing and 2020 tax season have been extended until July 15. You can still file your taxes, but you have extra time. The IRS is also encouraging people to use its Free File software, available to anyone who earns less than $69,000 annually.
You can also use other online assistance for filing your taxes like TurboTax or H&R Block but keep in mind that those companies will charge a fee based on your adjusted gross income (AGI), not how much you earn overall.
Suppose you earned $100,000 throughout the year but ended up with an AGI of $10,000 because of certain deductions and stipulations. In that case, many online service providers won’t charge you for their services as long as your income falls below $69,000.
If you are worried about how COVID-19 might affect finances this upcoming tax season or need additional time to file, consider submitting Form 4868 with the IRS through U.S mail or by e-filing it at IRS. If you’re unable to pay now and expect a refund when filing this year’s return
Why is my refund showing still being processed?
If your tax return is still being processed, refund date will be provided when available. Although the IRS issues refunds in less than 21 calendar days after e-filing, some returns take additional processing time.
The IRS may be experiencing technical difficulties with their systems, resulting in delayed processing times for your tax return. Each year, it can happen; however, the IRS sees extra challenges because of Coronavirus. The most common reasons for delays are:
- IRS system issues
- Processing delays
- Coronavirus and the global pandemic
How long can the IRS hold your refund for review?
If a severe error is discovered, the IRS can go back three years or evaluate up to six years of returns.Unfortunately, the tax filing and 2020 tax season have been extended until July 15. Now they are taking more time then usual due to some errors.
What does the meaning of your tax return still being processed? A refund date will be provided when available?
You will receive your tax return within three weeks of filing. If it has been longer than that, you have an error on your tax form or a problem with the IRS. There are several reasons why your refund could be delayed:
- Your return was incomplete
- You didn’t sign or date the return
- Some of the information was missing or incorrect, for example, social security number for dependents)
- The amount claimed as income doesn’t match what’s on file at another government agency such as Social Security Administration (SSA). In short: check to make sure everything matches before filing.
Due to the coronavirus situation, tax refunds are delayed. You can face some inconvenience in tax refunds. IRS told all people to wait patiently. In the post mentioned above, you can take a guide if your tax return is still being processed after three months.