Federal shutdown means tax refunds may be delayed

Personal Finance


A spokesman for the IRS would not speculate on how long the shutdown would have to last in order to result in a delay of refunds.

However, millions of taxpayers tend to be early birds and submit their returns as soon as they can. Households might need the refunds to help pay off remaining holiday debt or just to bolster their savings.

Last year, the IRS kicked off the filing season on Jan. 29.

By the end of that week — Feb. 2 — the taxman received 18.3 million returns and processed 6.1 million refunds, with an average refund of $2,035.

In all, the IRS received 154.4 million returns by Nov. 23 of last year, the most recent date available, and issued an average refund of $2,899.

Providers of tax prep services say they are ready to receive early bird returns.

“Filers can prepare their tax returns now and beginning Jan. 4, TurboTax will securely store completed returns for transmission to the IRS and states once they begin accepting e-file,” TurboTax said in a statement.

The company, along with others, also offers refund advances – short-term loans that you can receive within days of the IRS accepting your return. You would then use your tax refund proceeds to pay off the loan.



Source link

Products You May Like

Articles You May Like

the Fed on Wednesday, inflation and stock picks
Fed needs to cut rates to ‘kick-start’ growth: Market bull Tony Dwyer
Charitable giving dropped last year in the wake of the new tax law
This chart shows why everyone on Wall Street is so worried about the yield curve
Biggest Tesla bull is sticking by stock, sees a double in 12 months

Leave a Reply

Your email address will not be published. Required fields are marked *