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I NEED TO WARN YOU about something important! While it's great your 2024 return is processing, be extremely careful about the congressional inquiry for 2023. My friend went that route and it triggered an automatic review of BOTH tax years! The IRS suddenly put a hold on her 2024 refund that was about to be issued while they investigated the 2023 situation. I'm not saying don't contact your representative, but be prepared that it might cause them to look at your entire tax history. Make sure you have ALL your documentation ready for both years just in case. The IRS systems are connected in ways that aren't always obvious to us as taxpayers!
Have you considered that this might actually work in your favor from an interest perspective? The IRS is required to pay interest on delayed refunds after 45 days from the filing deadline or the date you filed, whichever is later. Wouldn't it be better in some ways to have your 2023 refund delayed if you're going to receive interest on that amount? Of course, this assumes you don't urgently need those funds right now. Another approach might be checking if you qualify for assistance through the Taxpayer Advocate Service, which can sometimes move things along faster than a congressional inquiry.
The interest accrual on delayed refunds is governed by IRC Section 6611(e), which specifies that interest begins 45 days after the return was filed or the due date, whichever is later. However, it's important to note that this interest is reported as taxable income on your next year's return via Form 1099-INT. The current interest rate is 7% annually, compounded daily, which translates to approximately 0.019% per day. While this is higher than many savings accounts, it's not necessarily an optimal financial strategy given the uncertainty of when the funds will actually be received.
Regarding the interest on delayed refunds: ⢠Yes, IRS pays interest after 45 days ⢠But interest is taxable income the following year ⢠Uncertainty of payment timing makes financial planning difficult ⢠Congressional inquiry might still be faster than waiting for interest ⢠Interest payments don't compensate for inability to use funds now Has anyone calculated whether the interest actually offsets the inconvenience of waiting?
I don't think it's normal to wait this long. You should definitely call them. I was in the same situation last month and found out there was an issue they needed to verify.
Good luck calling the normal IRS number though. I tried for TWO WEEKS straight and couldn't get through. The wait times are insane this year.
I had the same problem until I used Claimyr.com to get through to an agent. They got me connected in about 25 minutes when I'd been trying for days on my own. The agent confirmed my return was just stuck in the processing queue and nothing was wrong. Worth the fee to stop worrying and actually get answers: https://youtu.be/_kiP6q8DX5c
The "N/A" transcript status just means your return hasn't been fully processed yet. It doesn't necessarily indicate a problem. The IRS is still catching up from the pandemic backlog and their antiquated systems don't update in real-time. As long as your return was accepted, it's in their system. For reference, I filed 1/30, was accepted 2/10, and my transcript didn't update until 3/15. Refund arrived 3/18.
According to Internal Revenue Manual section 21.4.1.3, the IRS is required to process returns claiming EITC and ACTC after February 15th, but there is no mandated timeline for how quickly this must occur. Last year, I filed January 18th and didn't receive my refund until March 14th despite PATH lifting on February 15th. This year seems to be following a similar pattern for many early filers with credits.
Based on the 2024 filing patterns I've been tracking since January 29th, Chime and other online banks are consistently releasing funds 1-3 days before the official DDD. I received my own refund on February 14th despite having a DDD of February 16th. If you have a traditional bank, expect the funds on your actual DDD, not before. The trace number appears approximately 24-36 hours before the deposit hits your account.
I've seen this happen with multiple online banks, not just Chime. Last year I had my refund go to Current and it arrived 2 days early. The year before that I used Cash App and it was 1 day early. It's definitely a feature of these fintech banks, not just luck or coincidence. Has anyone tried Varo this year? I'm wondering if they're also releasing funds early like they did last tax season.
Anastasia Fedorov
Everyone's telling you to wait, but that's like telling someone with a broken leg to be patient while the bone heals - technically correct but not helpful. Try requesting a taxpayer advocate through Form 911. It's like having a guide through the IRS maze instead of wandering blindly. I'm skeptical of the "just wait" approach because these adjustments can sometimes get stuck in processing loops if not actively addressed.
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Sean Doyle
ā¢Does requesting a taxpayer advocate delay things further? I'm on a tight deadline with some bills coming due next month, and I'm worried that opening yet another process might reset some internal clock at the IRS. Has anyone had the advocate actually speed things up?
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Zara Rashid
ā¢I really appreciate this advice! I had a similar situation last year with my Earned Income Credit, and waiting did nothing for 2 months. Once I got a taxpayer advocate involved, my refund was processed within 10 days. It was like night and day compared to just sitting around hoping for the best!
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Luca Romano
Had the EXACT same sitch last yr w/ my CTC. Got the 971 code on March 5th, notice arrived March 12th, refund finally hit my acct April 2nd. No 846 code until like 3 days b4 the $$ showed up. Tbh the waiting is the worst part, but at least ur transcript updated which is a good sign. Mine was stuck on N/A for weeks. U think they'd make this easier by now, right?
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