What Does It Mean When the IRS Says Your Tax Return Has Been Received and Is Being Processed?
So you’ve been waiting for weeks for your IRS tax return and it is well over the deadline of 21 days. Although 90% of returns are issued within 21 days, but amidst the COVID 19 pandemic, it is definitely taking longer and the situation is further exacerbated by stimulus payment lined up asides tax refunds. In certain instances, clients have received their stimulus payments, but they are still waiting for their tax refunds. So what does it mean when the IRS Says “Your Tax Return Has Been Received and Is Being Processed”? Get the details How To File Federal Taxes Online which gives more insights . Also for any inquiry call directly IRS Toll Free Number 📞 1-800-829-1040 .
This year by June 12, 2020, IRS received 136.5 million individual income tax returns which is off by 5.3% from last year. Most of the returns were e-filed; almost to the tune of 124 million, and out of the total of 136.5 million individual tax returns, the IRS is only able to process 124.6 million which is 12% down from the last year. Due to Covid-19 IRS Tax Filing Deadline 2020 Extended .
How to Check the Status of My Tax Refund?
- To track your refund, you need to visit the IRS website and go to the Where’s My Refund? page. Click on the “What To Expect?“ Option on the top left> >> Click on Where’s My Refund? On the next page. You can also find step by step IRS Where’s My Tax Refund process here !
- You need to input your Social Security number SSN or ITIN, filing status, and the exact amount of refund shown on the tax return to check your status
- It will reflect 3 statuses – Return Received, Refund Approved, and Refund Sent.
What does the status “Your Tax Return Has Been Received and Is Being Processed” means?
This means that your tax return is received by the IRs and it’s in the process. It will show you the refund date only when the refund has been approved and the IRS has finished processing it. Once the refund has been sent out to your financial institution for direct deposit, the status changes to “Refund Sent”. It usually takes another 1-5 days for the money to show up in your bank account.
What Factors Influence When You Receive Your Tax Return?
- How early you file your taxes
- Whether you are claiming credits such as EITC and CTC
- Whether you have e-filed or sent your papers by mail
- Whether the taxpayer has any existing debts with the federal government
- Paper returns involves a tedious documentation process of entering it into the system. The situation is aggravated due to the COVID-19 crises, causing the IRS to work with limited capacity and staffing. The agency has shown its handicap in processing paper return until their centers are able to reopen.
Check out full details When Is The IRS Accepting 2020 Tax Returns ? for more details .
Note: if you have already filled a paper return, do not attempt to file a second e-return.
- Also the average refund amounts of federal return stand at an average of $2,767 which is a significant bearing on the federal coffer
- Your tax return form may include errors or is incomplete and may be missing necessary form to be attached
- Your return may have been flagged for fraud or theft.
- Your claim may include an “Earned Income Tax Credit (EITC) or an Additional Child Tax Credit (ACTC)” and may require additional reviewing. Also, as per the Tax Hikes (PATH) Act, EITC and ACTC refunds cannot be issued before mid-February.
However, do not insinuate that a delay in the tax return has put your return under scanner for additional audit. If this would be the case, you will be intimated via email for submitting additional documents or information to process your return further.
When Should I Call the IRS About My Tax Refund?
- For Paper-filers:Under normal circumstances, you should call after 6 weeks from the time you’ve mailed your return.
- For E-file: You can call the IRS after 21 days or when your “Where’s My Refund” tells you to contact the IRS.
How can I skip the switchboard and Speak Directly to an IRS Agent?
You can the IRS number: 📞1-800-829-1040 open 7 AM – 7 PM local time Monday-Friday
Steps to Skip The Switchboard And Talk To The IRS Agent Directly:
- When you call the IRS no. 📞1-800-829-1040 – Do NOTchoose the 1st option regarding “Refund”, else it will toss your call to the automated phone line
- After selecting your language, you need to choose Option- 2for “Personal Income Tax” instead
- Then press Option-1for “Form, Tax History, or Payment“
- Press Option 3“for “All Other Questions.”
- Then press Option-2“For All Other Questions.”
- When prompted to enter your SSN or EIN– Do Not Enter Anything
- It will ask you twice to enter these details, refrain from inputting anything and it will put you through to another queue.
- Press Option – 2 for Personalor Individual Tax Questions > >> Press 4 for All Other Inquiries and speak to the IRS agent regarding your refund status
Note: Due to the Covid-19 pandemic, the IRS operations are working with limited capacity. Here’s a list of IRS departments available to contact at the moment.
Hope this has resolved your query about the status – Tax Return Has Been Received And Is Being Processed. You can write your comments and queries about additional issues you are facing with the 2020 IRS return and we shall be glad to answer the same.