![]() There are also a variety of other reasons why your refund might be delayed. The timeline to receive your return may vary depending on whether the IRS is backed up or if they need further documentation from you. Once a tax refund is processed, it typically takes about 21 days to issue the refund. How long does it take to get a tax refund once you've claimed it? You could be missing the opportunity to get a tax refund. ![]() So, just because you may not be required to file a tax return, doesn’t mean you shouldn’t. Non-filers also forgo the chance to receive the Earned Income Tax Credit, or EITC, by not filing. Additionally, their low income may qualify them for tax credits only available by filing a tax return. These non-filers may have overlooked the fact that their employer withheld income tax throughout the year, which is money the IRS owes them. For example, for tax year 2023, generally taxpayers under age 65 who are single and made less than $13,850, or heads of household who earned less than $20,800, have no obligation to file their 2023 taxes unless special circumstances exist. The IRS sets minimum gross income levels below which taxpayers do not have to file a return. Credit for Federal Tax on Fuels (Form 1040 required).Health Coverage Tax Credit (Form 1040 required).Refundable Credit for Prior Year Minimum Tax. ![]() Those needing to claim refunds for the 2020 tax year have other possible tax credits in addition to EITC they may be able to claim including: $50,594 ($56,844 if married filing jointly) and three or more qualifying children.$47,440 ($53,330 if married filing jointly) and two qualifying children. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |