IRS Begins Processing Tax Returns But Expect Refund Delays
Well, the wait is over, the IRS begins accepting tax returns today. However, anyone who will claim American Opportunity Tax Credit or the Lifetime Learning Credit will still have wait awhile longer before filing their tax returns. IRS must ensure their system can accurately process Form 8863. Form 8863 is used when filing American Opportunity Tax Credit or Lifetime Learning Credit.
Everyone wonders how long it will take to receive a refund once your tax form has been processed by the IRS. In times past, the IRS has issued the refund cycle to provide tax filers a schedule for when they should expect their refund. However, this tax season, the IRS will not provide a refund cycle schedule. According to the IRS, tax filers should expect their tax refund within 21 days after tax form has been received.
Therefore, do not frustrate yourself by expecting your refund back immediately. It will be wishful thinking to actually receive a refund back after 21 days and by some standards this maybe too long. You have been warned to relax and focus on other things and you probably will not notice how long it will take for you to actually receive your tax refund.
People may love receiving a refund, but you must keep in mind that it is tax-free loan to the U.S. Government. Well, if you do not like the delay that will occur during this tax season, you may want to adjust your W4 Employee Withholding Allowance Certificate to ensure you get your money throughout the year instead of getting it back in one lump sum in the form of a refund check.