Davidson News

Davidson News

Navigating Tax Refund Season: Understanding IRS Refund Delays and Seizures

Tax Refund Delays: Understanding Why Some Taxpayers May Wait Longer for Their Refunds

IRS Refund Seizure: Common Reasons Why Your Tax Refund Might Be Withheld or Taken

According to Go Banking Rates, new IRS data shows that in 2024, the average tax refund increased by 4.6% from the previous year to $3,011. But, many people might wait longer for their refunds, as the IRS says it takes about 21 days to process them. Sadly, some won’t get any refund if the IRS decides to use it to pay off debts they owe.

There are different reasons why the IRS might take or hold onto a tax refund. If you owe back taxes, didn’t pay federal or state income taxes, or didn’t pay federal student loans, the IRS can keep some or all of your refund to cover these debts. Also, if you got more unemployment benefits than you should have, or owe child or spousal support, your refund might be held back too. These actions can have serious consequences, like wage garnishments.

READ ALSO: Colorado’s Bipartisan Effort: House Passes Bill to Aid Senior Renters, Senate Committees Review for Further Action

Navigating Tax Refund Season: Understanding IRS Refund Delays and Seizures (PHOTO: YT)

Act Now: Steps to Take If You’re Concerned About the IRS Seizing Your Tax Refund

If you’re worried about the IRS taking your tax refund, you should act fast. You can contact the IRS or the Bureau of the Fiscal Service to get more details about any offset and try to solve any issues. It’s important to deal with any debts you owe as soon as possible to avoid more problems. Knowing when the IRS can take your tax refund is important to handle any issues and stay financially secure, both during tax time and after.

READ ALSO: EV Sales Face Softening Trend Despite Federal Incentives: State-Level Programs Offer Lifeline

Leave a Comment