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The IRS website actually has a page that explains these transcript codes: https://www.irs.gov/individuals/understanding-your-tax-record. The 570 is definitely a hold, but it's often temporary. You can also check the Tax Time Guide on IRS.gov which mentions that many returns this year are being selected for additional review due to identity theft prevention measures. Most of these reviews are resolved automatically without any action needed from you.
This identity verification process is much more streamlined now compared to 2022. Back then, it would take 3-4 months after verification to get a refund. Now most people see movement within 2-3 weeks. Unlike the amended return process, which still takes 6+ months, the identity verification pathway is relatively quick. Similar to how the CP14 notice resolution improved this year, the identity verification process has been optimized as well. If you're coming from a divorce situation like I did, make sure all your personal information matches exactly across all documents.
Thank you for sharing this comparison! I was dreading a months-long wait after reading older posts. It's reassuring to hear the process has improved since 2022.
I got the verification letter in February. Completed it online immediately. Checked WMR daily. Nothing changed for two weeks. Then suddenly updated to approved. Got my direct deposit three days later. Total time was 16 days from verification to deposit. The online process was simple. Took about 10 minutes. Needed my ID and cell phone. Used ID.me system. Much better than calling.
Did you have to create a new ID.me account? I already have one for VA benefits but I'm not sure if it's the same system or if I'll need to make a new one specifically for the IRS verification?
According to IRS Publication 1345 (Rev. 1-2023), when a taxpayer selects a Refund Transfer product, the financial institution must make funds available within 5 business days after receipt from the IRS. Your son has grounds to file a complaint with the CFPB if it exceeds this timeframe. I recommend documenting all communication attempts with SBTG as evidence. Time is critical - file the complaint today at consumerfinance.gov/complaint/.
I was in the same boat last week - DD date of Feb 16 through SBTG and nothing for 8 days! š Called my bank thinking they were holding it, nope! Called the tax place, they just shrugged. Then suddenly on day 9 - BOOM - money appeared! No explanation, no warning, just magically showed up. The whole system feels like playing financial roulette sometimes. Hang in there, it's probably just days away!
I filed 2/20 with TaxSlayer. Got my refund on 3/4 to my Chime account. Exactly the same experience as you. No fees taken out. Simple return with just W-2 income. No credits or deductions beyond standard. Chime always posts early when they get the notification from the federal reserve. Been using them for three years now just for this feature.
Be careful assuming everyone will have the same timeline! Last year I filed on 2/15, used TaxSlayer, had Chime, and still waited 47 days for my refund. Turns out there was an income verification issue that nobody told me about until I called after 6 weeks of waiting. My friend who filed the same day got hers in 2 weeks. The IRS works in mysterious ways, and just because one person gets a quick refund doesn't mean everyone will.
Kennedy Morrison
Let me explain how the SBTPG process actually works, since there's a lot of misinformation: Step 1: IRS approves your refund and assigns a DDD (in your case 2/22) Step 2: IRS releases funds to SBTPG (usually midnight of your DDD) Step 3: SBTPG verifies the amount matches what they expected Step 4: SBTPG deducts their fees and TurboTax fees Step 5: SBTPG initiates ACH transfer to your bank/Cash App Step 6: Your bank/Cash App processes the incoming ACH Cash App is typically faster at Step 6 than traditional banks. Some people get lucky and SBTPG processes them a day early, but don't count on it.
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Wesley Hallow
Warning from someone who's been through this: Never pay TurboTax fees from your refund if you can avoid it! I paid $39 extra last year for the "privilege" of having SBTPG hold my money for 2 extra days. This year I paid TurboTax directly with a credit card and my refund came straight from IRS to my bank - got it 3 days BEFORE my official DDD! The SBTPG middleman just adds delays and their website never shows accurate info. Check https://igotmyrefund.com/forums for real-time reports from others with your same DDD.
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