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Tax Refund 2022 - 2021 Tax Refund Update - IRS Next Batch of Refunds, Tax Topic 152 - YouTube
Channel: Ginny Silver - Business Coach for Creatives
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Hey guys, it's Jenny Silver with an
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IRS Tax Refund update for you today.
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On March 1 was the first date that the
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IRS stated that it would begin to process tax
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refunds from those tax returns that claimed either the
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child tax credit or the earned income tax credit.
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The IRS is restricted by the Path Act, which is
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a federal law that prohibits the IRS from processing tax
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returns that claim a child tax credit or an earned
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income tax credit until after February 15.
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The IRS previously stated that they would begin
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issuing these refunds on or after March 1
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for taxpayers who claimed these credits.
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Now, many individuals have reported that they have
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received a March 1 estimated payout date.
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Some of you may have been scheduled to receive
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your refund today and may have seen that March
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1 day listed on Where's My Refund?
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If you're still awaiting a refund, please keep in
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mind that it can take several business days for
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your bank to actually post the funds.
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Additionally, for those of you that utilized a
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professional tax preparer, if that tax preparer accepts
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your refunds into a temporary account before it
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is forwarded over to your own personal bank
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account, then expect an additional delay.
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Now, while some may have received their refunds
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from the IRS today, many will also continue
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to receive their refunds from the IRS as
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it continues to process these in batches.
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There are three different ways that
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you can check your refund status.
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Number one is to check on Where's My Refund.
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Number two is to check IRS to go.
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And number three is the most detailed method
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which less people know about, which is checking
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Your IRS Transcript in order to check your
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IRS transcript, you're going to go to IRS.
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Gov and follow the instructions in the
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video that I have linked down below.
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Now once you have the transcript, you're going to
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look at the cycle code at the top.
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If it ends in 10203 or four, that means
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that you are on a daily processing schedule.
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Those individuals who are on a daily processing schedule
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those on a daily processing schedule will receive updates
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to their transcript and their refund much faster since
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the IRS processes changes on a daily basis.
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For those who have a cycle code ending in five,
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this means that the IRS processes changes to your transcript
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and their master file once per week, so you will
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have a slower basis for seeing changes on your transcript.
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For more details on this specific schedule,
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click the link in the video description.
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If you see Code 846, that means that
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your refund has been scheduled by the IRS.
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The date next to this code is going
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to denote the approximate date that the IRS
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plans to send the funds over to you.
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Please note that this is not the date
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that you will necessarily see them appear in
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your account or receive the check.
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If you are on a daily processing schedule,
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then anticipate a few business days after this
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date to receive a direct deposit and if
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you're on a weekly processing schedule, anticipate about
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a week before you see the funds deposit.
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Next, let's talk about those of you who
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in your transcript are seeing Code 570.
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If you see Code 570, this means that the
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IRS has issued a temporary freeze on processing your
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tax return until they receive more information.
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No action is required by you, but unfortunately
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this does delay the process of the IRS
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moving forward with your tax return.
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If you see a date listed next to Code
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570, then this is the approximate date that the
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IRS anticipates being able to resume processing your return.
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Once you see Code 571 or 572 added onto your
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transcript, that means that the IRS has received the information
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that they needed and has proceeded onto processing.
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Next, let's talk about Tax topic 152.
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This is a generic message that the IRS
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post when it is still processing your return.
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It is not caused for alarm and there
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is no action needed on your part.
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It is perfectly normal to see this
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message as it means that the IRS
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is simply still processing your tax return.
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However, for those of you who are seeing Tax
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topic 151, this refers to the fact that your
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tax refund will be offset by government debt.
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This means that if a taxpayer has an outstanding liability
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or default with the state or federal government that their
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tax refund will be applied either in part or in
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full to pay for the outstanding debt.
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Lastly, many of you are letting me know that your
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tax return from last year over a year ago is
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still pending that you have not received your tax refund
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despite filing over a year ago for tax year 2020.
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Unfortunately, the IRS is still incredibly backlogged and
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many individuals who filed last year, specifically those
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who filed with paper filing, are still experiencing
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a delay in receiving their refunds.
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You can contact the IRS to ensure that there is
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no issues on your end that are within your control.
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However, in most cases, the IRS is reporting
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to taxpayers that they simply must wait.
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If the IRS is not able to help you, then
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I would recommend that you contact the Taxpayer Advocate Service.
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Another alternative which may be worth a
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try is to contact your assembly member.
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You can locate your assembly member by
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utilizing the link in the video description.
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Ok you guys, I hope that was helpful.
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Please let me know the status, status of
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your tax return and refund down below.
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