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Video instructions and help with filling out and completing Can 8850 Form Refunds

Instructions and Help about Can 8850 Form Refunds

Music hey I'm Joe and I'm Karen and we're with M&M Income Tax Service and we're back with another tax topic or tax tip and hopefully it's gonna answer one of your questions today well Karen what's our topic today why is the IRS holding my refund until after February 15th if I claim my children whoa why they were held until after February 15th Karen I can remember when they used to release them in January and the last couple of years yeah they have actually been holding them and you know why they're actually required to hold on Karen no jive tell us why it's the law so Karen here's here's a statement from the IRS so let's go ahead and go over this as we actually make this what we call part of our disk manual so if you have questions on why they're holding it up you can actually see that so basically the IRS was holding refunds until February 15th or later when you claimed children on your tax return that's a new federal law that went into effect in 2022 absolutely that we call that the path act but again it is law in Section 201 of this new law mandates that no credit or refund for an overpayment for a taxable year shall be made to a taxpayer before February 15th if the taxpayer claimed what Karen earned income credit or additional child tax credit on the tax return absolutely in both the Earned Income Credit and the additional child tax credit or related to children most of the time so that's why it's if you claim children on a tax return you can't get that refund till after February 15th but some of the key points our taxpayers should file and submit returns as normal absolutely and the IRS will accept and process tax returns as normal and again the IRS cautions taxpayers that those refunds may not arrive until the week of February 27 absolutely in other words I got to hold them by log to a February 15 so there's if there's any kind of delays in issuing refunds you can be looking at February 27th no problem right and despite the refund hold the IRS expects most refunds to be released in less than 21 days absolutely most refunds are released in that 21-day period but again if you file early you might actually beyond that just a little bit and keep in mind where's my refund will not be updated until around February 15 absolutely we get that's clients calling in all the time and where's my refund is not operating properly and well the whole reason is they're not going to update it till after February the 15th and that's all we can really tell you so no information about effective tax returns are going to be available until that system updates absolutely and this really this whole law went into place care was to prevent fraud in other words they're trying to minimize fraud in that system so the best way to do that they figured out and Congress figured out hold all the refunds till after February 15th make sure nobody else has already claimed that social security number or that child yes and then if it's clean they're gonna release those refunds at that point in time well Joe that's our tax tip our topic for the day absolutely and if you're in South Carolina be sure to make an appointment are simply walking into one of our 36 locations and if that's not convenient for you we can still help simply visit our website and click on the taxes done for anyone anywhere link that's a link with our remote technology it's as easy as taking a picture on your phone so add your questions and comments to our post and be sure to hit the like and share button look for our answers to your questions in our upcoming segments.

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