Where's My Refund? This Year's IRS Refund Coming Slowly
It's that time of the year again. Either you spend countless hours at your kitchen table with a pencil, calculator and countless receipt and W2 forms, or you paid someone to do it for you. Either way, most taxes have already been filed, and now people are waiting on their IRS refund.
The IRS refund status is up in the air- no one knows where their IRS refund is because the 'Where's My Refund' page on IRS.gov has been experiencing technical difficulties since last Monday. Unfortunately, it does not look to be cleaned up anytime soon. The site is referring people to their hotline at 1-800-829-1954 to check their IRS refund status, but the lines are clogged with callers.
Many civilians feel as if their IRS refunds are running late, and they're right. New York Governor David Paterson said that New York, which was hit with a $ 9 billion deficit, may delay $ 500 million in reimburss to keep the state from running out of cash. Hawaii's governor said some residents might not get their refunds back until August. Other states that will have delays include Alabama, North Carolina, Kansas and Idaho.
Other reasons of a prolonged IRS return could be the following:
1. You failed to claim the Making Work Pay credit – according to the IRS, out of the 60 million IRS reimburss filed this year, 2 million of them had an error related to this credit. You need to claim the credit on Schedule M.
2. You received a Making Work Pay credit and an Economic Recovery Payment- For those social security beneficiaries who work and received the one-time ERP as a form of income, they may have filed for too much money; the total amount for both MWP and ERP is $ 400. Those seniors who went over will have to reduce their MWP credit.
3. You claimed the home buyer's credit- A home is a great investment, but the taxes can be hard to figure out. With this credit you are required to mail in your IRS refund as opposed to doing it online because a copy of the settlement statement needs to be attached. People who mail in their taxes have to wait 4-6 weeks for their refunds.