1. Computing
Shelley Elmblad

Early Filers Get Late Tax Refunds

By February 7, 2012

Follow me on:

Tax software makes completing your income tax return faster and easier.Waiting on your tax refund? So are a lot of other early filers.  The reason for the hold up is probably the IRS itself.  A recent bulletin released to tax professionals says that the IRS systems are processing e-filed returns a little slower this year, primarily due to additional security screening. Tax refunds are back up by about a week, and while many tax refunds are deposited within 10 days, I was surprised to learn that 90 percent of refunds don't hit the bank balance for nearly three weeks after the return is filed.

You can use the online tool Where's My Refund to determine when your tax refund should be deposited, but the IRS warns that "projected time frames are subject to revision". In other words, what you see isn't always what you get when it comes to the time projections in the tool.

A reader going by the name Toya wrote a scathing TurboTax review because she did not get her refund as she anticipated, but I really doubt that TurboTax held the deposit up (although someone over at TurboTax could have sent out an email about this issue). If you're using tax software, chances are that the estimated date for your refund is generated by the IRS and funds may be deposited later.

Comments
February 8, 2012 at 2:08 pm
(1) Reb T says:

We filed through an accountant on the 19th of Jan. Our 14-21 days processing the IRS states on the where’s my refund phone recording, is up tomorrow. Very frustrating.

February 10, 2012 at 1:53 am
(2) Diane says:

It certainly isn’t TurboTax’s or any other tax software company’s fault if the IRS doesn’t process their refund on time. All they do is submit it to the IRS, not actually deposit their money!
Get a clue people!

Leave a Comment

Line and paragraph breaks are automatic. Some HTML allowed: <a href="" title="">, <b>, <i>, <strike>
Top Related Searches
  • filers
  • tax refunds
  • ©2014 About.com. All rights reserved.