 The answer: not much yet! The prompt means that the IRS has received your return, but due to Covid-19 delays, the IRS is experiencing a considerable backlog, slowing processing times and disbursements. Typically the IRS processes tax returns and issues refunds within 21 calendar days of receipt. The IRS even stated in January communicating the 21-day time frame. Add in the pandemic-related tax changes and child tax credit advances, and this tax season is more complicated than ever. Avoid filing a paper return. Use electronic filing with direct deposit to receive your tax refund the fastest way. If your tax refund is delayed, you have options. You can call the IRS, but you should wait out the delays before putting yourself through this added stress. Due to the backlog, it can take 6-8 weeks to process your tax return. The following are some of the reasons why tax returns take longer than others to process:
How to contact the IRS You may call 800-829-1040 with any Federal tax questions. Getting through to the IRS over the phone is a challenge. According to the Taxpayer Advocate, only 1 in 9 calls to the IRS are answered. This even with a long wait time. Not surprisingly, it is best to call right when the IRS opens eastern time or late in the day before closing. Does the IRS owe you interest on late refunds? Even with the delays, the IRS owes you interest on your money. The IRS has administrative time (typically 45 days) to issue your refund without paying interest on it. You have until April 18 to file your taxes for this year. If you don't receive a refund within 45 days after the deadline, then interest may be owed by Uncle Sam. Related Articles: NoDerog / Getty Images/iStockphoto Taxpayers who have checked the “Where’s My Refund” tool on the IRS website have probably seen a message that says, “Your return is being processed.” In some cases, this message might stay on there for weeks or even months. See: 56% of Americans Expect a Tax
Refund of More Than $1,000 — Experts Say These Are the Best Ways To Use It The message might be annoying if it keeps popping up over and over again, but it actually carries good news. That’s because it means the IRS “got your tax return, so you don’t have to sweat that there was an issue with them receiving it,” Howard Samuels, a certified public accountant at New Jersey-based Samuels & Associates, told the Acorns. Historically, the IRS has been able to process most returns and issue refunds within 21 calendar days of receiving the return. But the agency has run into a massive backlog since the beginning of the COVID-19 pandemic, caused by a combination of staff shortages and more complex returns that include federal stimulus payment income. See:
The Effect of Stimulus and Increased Unemployment Payments on the Economy in 2022 The IRS recently reassigned 1,200 employees to answer calls and help with the backlog. It said in a statement last month that it expects to have most refunds disbursed within 21 days this tax season. Even so, don’t be surprised if your refund is delayed. “At this point I would say sit tight for at least four to six weeks,” Samuels said. “After that, you may want to call the IRS to find out what’s going on.” There are steps you can take to help prevent delays. As GOBankingRates previously reported, these include filing your return online, choosing direct deposit, double-checking that all the information is accurate, making sure you sign the return before sending it off and ensuring that it is sent to the right IRS processing center. See: Avoid Tax Refund Delays in 2022 in 6 Simple Ways If you suspect that your refund is delayed longer than usual, you should contact the IRS. Just be sure to do so at the right time. Last year, taxpayers who contacted the agency with tax return questions had only a 1 in 9 chance of being answered, Acorns noted, citing a report from the Taxpayer Advocate Service. Those who did get through had average wait times of 23 minutes before being connected to a customer service agent. “Your best bet is to call first thing in the morning as soon as the IRS opens at 7 a.m. ET,” Samuels said. “I’ve also heard some people have luck when they call later in the day around 6 p.m. or 6:30 p.m. [Eastern] right before the IRS closes at 7 p.m.” Another thing to keep in mind: The IRS is obligated to pay interest on refunds that have run into excessive delays. If you don’t receive a refund within 45 days of this year’s April 18 filing deadline — which would be June 2 — the IRS will owe you interest on the refund. More From GOBankingRates
What does we received your refund and it is being processed mean?This means the IRS has your tax return and is processing it. Your personalized refund date will be available as soon as the IRS finishes processing your return and confirms that your refund has been approved. Most refunds are issued in less than 21 days.
How long will it say we have received your tax return and it is being processed?Typically the IRS processes tax returns and issues refunds within 21 calendar days of receipt.
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We have received your refund and it is being processed
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