2024 IRS TAX REFUND UPDATE - NEW Refunds Approved, Delays, Wage Verification, 570 Code, Notices
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- Опубліковано 28 лип 2024
- On today’s IRS Tax Refund Update we will take a look at the latest developments including the next round of tax refunds scheduled for release this week and from there we will recap those ongoing tax delays as well as an ongoing problem reported impacting over 500,000 tax filers with refund delays stretching as long as two years as a result and from there checking in on those 570 tax transcript codes and notices being sent out by the IRS. Starting out with the latest as the next round of tax refunds is scheduled for release on July 2nd and July 3rd, and while most will receive that direct deposit by the listed day do allow up to 5 additional days for it to post to your bank account before initiating a payment trace, however if you are receiving a paper check you must allow up to 30 days to receive it in the mail before initiating that payment trace. The most common scenario for those still reporting delays is encountering the 570 and or 971 tax transcript codes as well as receiving a notice from the IRS such as the CP 05 letter informing the taxpayer the IRS needs an additional 60 days to review the tax return in question while they verify items such as Income and income tax withholding or even tax credits. One common cause behind the income verification delays is that the IRS has still not processed your employer or former employers wage information which is needed to compare to your tax return for accuracy. To confirm the IRS has your wage information to check your wages transcript on the IRS website which is different from your account transcript which you would use to check your tax and refund processing, and if there is no information listed you will want to access your earnings record by logging into or creating an account on the social security website and accessing your earnings record as seen here from there you will want to match the taxed total earnings to what you entered on your 2023 tax return. If no information is listed on the social security website, do contact your company’s payroll department to confirm they did report your wages accurately as well as the social security administration and the IRS.
0:00 Introduction
0:28 New Refunds
1:50 Tax Delays
2:24 Wage Information
2:58 Earnings Record
3:37 ID Verification
4:47 Closing
This video is under Fair Use: Copyright Disclaimer under Section 107 of the Copyright Act in 1976, Allowance is made for "Fair Use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright status that might otherwise be infringing.
Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.
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Be careful not to overspend! Remember, tax refund is not free money but just your hard earned cash being returned.
By the way ,has anyone gotten a tax refund ?
I got mine. I'm putting mine towards a down payment on a house and probably using it to pay off debt too
What's the average tax refund amount this year?
I heard it's around $3,000. Mine was a bit higher than that….. But that’s not just the issue who’s got ideas on budgeting?
Real estate investments. They offer tax benefits like pass through income or deductions
REITs are normally risky to bet on so it’s just not a smart investment till you make profits
I took the suggestion of reaching out to my Georgia Senator. Perhaps through his assistance or just coincidentally, the approval and check appeared after 2weeks. Took 5 months. Got an interest amount added to the original refund. Thanks for providing this informative website.
What did you say in the letter you sent to them?
Yes same what did you say I want to reach to mine in California
We don’t even have a reason for the two 60 day delays.
Factz I wrote a letter to them asking why no response yet smh
After hearing nothing called and was able to talk to someone at IRS who informed me that the issue is on the W2 the employer placed the wrong amount in the wrong box, was told I have to fix it. Even thou its clearly an error from employer and that IRS were aware of it at least back in April. This error apparently effected all employees, Was also told "this should have been fixed in April" I agreed laughing in utter shock they then apologized for me for falling through the cracks. I now have to wait up to 60 days for a letter explaining how to fix. Resolution could be up to 120 days... I don't have any non cuss words left...
I have filed my taxes on the deadline this year and had to do a I’d account for my taxes and keep saying not processed I never went through this in all my years of being a tax payer so I guess I’ll just have to wait thanks for your videos they help me keep up to the latest information
Can you put any information for this week please thank you
Anything on amended returns 2024 as a delay has to amend return
How do I know if i need to amend or not? Got my letter saying IRS needs an additional 60 days to review and it also said that if I made a mistake to amend it. How do I know if I made a mistake? I logged in everything from our income. I have always been told wait for the IRS to contact the tax payer before amending. How do I know if I made a mistake or not?
I contacted Congressional Representative Office. On June 18, 2024 a representative from the office verified my application for assistance with my 2023 Tax Return had been received and the information was sent to TAX ADVOCATES, which to the best of my knowledge are employed by "IRS" 😶
The Congressional Representative contact told me it could take 2 to 4 weeks for the IRS to respond. It has been 2 weeks 5 days since contacting Congressional Representative Office.
(For perspective, I filed and submitted my 2023 Tax Return on January 29, 2024. Was told to wait until APRIL 2024, then told to wait until June 2024, then told to wait until August 2024.) STILL WAITING. Hopefully not for much longer.
Nobody should be going through this BS with Shit government and shit IRS!
FACTS
what does the as of date mean on your IRS transcripts?
I just received a date for my refund. Reached out to state representative and IRS replied that I needed to amend my return but I did not. I shared my 1099R with the asst to Representative and it was my 401K cash out/taxes paid that the IRS was missing. Will have my refund one month after contacting the IRS.
What about amended has anyone waited and received refund yet
Waiting from 2/5. No way to talk to an irs agent. I created an account on the irs web. There's no answer on the account.
According to the record of Accruals transcripts both 971 and 570 codes have a date of 7/15/24. what exactly does this mean?
Same I just looked at mine
i have not received my refund finally got to speak to an irs representative only to be told that my return was sent to another office the automated questionable credits office
I received a letter saying to id 🪪 on line and it even say congratulations but I don’t why I feel something was missing because it was only 3 questions so I call the id phone number and the lady said I was the 3 person to call with the same issue that she was going to report it because wat I did on line it wasn’t enough I till need more information so she finished but I am here till waiting I even told her for 3 years in a row I had to do id went I have a account now I have to wait first she said I had to wait 180 to get my refund then went she finished she said 9 weeks I just don’t understand what is going on I am sick every year is the same story 😢😢 thank you for the information ℹ️
Hopefully I can keep coming here to update you. Because I did ID verify June 3rd, it said 9 weeks but now my holds are released and my codes are all there except 846. Waiting on that and my as of date is July 15th.
@@multitalentedNeekthanks for your information
@@multitalentedNeekhi is me I just checked my transcript and is like your it has July 22 but it doesn’t have 846 did you still waiting for your refund ? Thank you for your help