![]() ![]() While the IRS promises to have regular return refunds processed within 21 days for nine out of ten tax payers, it does take quite a bit longer to receive a refund if you amended your tax return. Also it is better to fess up an pay early rather than face an IRS audit which will pick up these overdue tax payments Amended Tax Return Refund Schedule Cycle Most likely you will also have to pay a fine or penalty as well – which will be lower the sooner you pay the extra taxes. On the flip side if you owe more than you paid with your original filing, then you should still file an amended return with the extra tax payments. The IRS will process – free of charge – your amended return and then pay you back what you are due. You may think that this money is gone now that your return has been submitted but you would be wrong since you can actually send an amended tax return and claim this extra cash. For example if the WMR messages that your return processing has been delayed or code 570/971 on your tax transcript, tax filers often instructed by the IRS to file an amended return to fix filing errors.Īnother reason you may want to amend your tax return is that down the road, after your initial return was processed, you notice that you forgot to claim one of the many stimulus credits or qualified deductions. Tax payers are sometimes instructed by the IRS to file amended returns if after initial processing and reviews, they have identified mistakes. In fact as discussed in the sections below, you need to know the right situations in which an amended return makes sense, because it is taking the IRS up to 20 weeks to process amended returns. Tax filers generally should not file an amended return for minor mistakes or prior to IRS processing of their initial submission. Here are other key factors to keep in mind with amended federal tax return filings:.Amended Tax Return Refund Schedule Cycle.This is due to IRS staffing shortages, the sheer volume of returns and issues with the amount being claimed or just simple errors in reconciling what was paid in advance versus the balance left to be paid via refund. For those with paper based amended returns, processing times are being measured in months, and not weeks. However as many folks have found, after submitting a regular or amended tax return they find themselves stuck facing long delays in getting their refund payment. ![]() ![]() This also includes correcting information from missing or incorrect W2s or 1099 that may impact your income and qualification for tax credits or past stimulus checks. The good news is you can modify or amend your tax return relatively easily now via paper (1040X form), online for recent tax years via your preferred tax filing software or for free via the IRS website for lower income filers. With stimulus check and other tax credits like the advance CTC payments now only being paid via tax return filings, based on past year tax returns and adjusted gross income levels, many eligible recipients have scrambled to amend tax returns to get these payments as a refund payment. ![]()
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