Anyone else with EIC and a process date?

[BoomerSooner]

I was able to view both my refund and account transcripts and my account transcript shows a processing date of 2/20/2017. Is that when those of us with the credits are expected to recieve them? More so does that mean my return was accepted and completed?

[Mary]

Your CYCLE (the 2017XXXX) is the date your return entered the system and is not a deposit date code. Turbo Tax AnswerXchange is a USER forum and people post their “opinions” more often than facts.

Per the IRS: “Myth 3: Ordering a Tax Transcript a “Secret Way” to Get a Refund Date
Ordering a tax transcript will not help taxpayers find out when they will get their refund. The IRS notes that the information on a transcript does not necessarily reflect the amount or timing of a refund. While taxpayers can use a transcript to validate past income and tax filing status for mortgage, student and small business loan applications and to help with tax preparation they should use “Where’s My Refund?” to check the status of their refund.” you can find that here https://www.irs.gov/uac/newsroom/irs-answers-common-early-tax-season-refund-questions-and-addresses-surrounding-myths

Now, that being said….
According to my account transcript (received prior to 2/13, obviously) my Processing Date (in this case my “to be processed” date) was 2/13 so I am “hoping against all hope” to see a deposit on the 15th, more realistically it could be the 17th before I see a deposit date of the 21st. BUT if they are sticking to this theory that refunds won’t roll out until the week of the 27th it really could be March before I see a deposit.

The bottom line is, simply, there really is no magic formula to any of this no matter how badly we wish there was. Once you send that return out, it’s out of your hands.

[Dbltrouble]

My transcript with both credits shows a processing date of 2/13. My opinion, based on previous IRS experience, is that is the day they will process the ok to release funds portion since everything else of mine came back ok.

[ZannahBanana]

Facepalm. Don’t post opinions. Fact check people.

There is no delay for a CTC. Delays involve EIC & ACTC. They are processed as recieved, however refunds for these accounts will not be issued until after the 15th of Feb.

This is in an effort to resolve 2 issues. 1 tax laws change and there are times b it takes loner to review. Tax laws this year effect the EIC & ACTC. 2 It helps to combat fraud. Most tax fraud is committed by people filing early without having w2’s in hand. Those people generally estimate or fabricate wages and with holding in order to get a huge return quickly.

When you can order transcripts, your return is done processing. Your transcript code will tell you your deposit date (read the transcript section here to decode it)

The earliest date to possible be given should be Feb 13 to allow 2 business days for the deposit to post to your financial institute.

This info has all come from the FAQ section on irs.gov

[Hannah]

I’m confused. Why on earth would the IRS process returns twice? Why wouldn’t they just hold off and do it once when they had the info they needed to verify the return. It makes no sense. What source did this info come from?!?! And the PATH act states the IRS can not ISSUE refunds until the 15th, it says nothing about not processing them until then.

[phillyGirl]

Nique, did you ever get your dd?

[Tay]

That date doesn’t mean anything.
Per federal law this year all refunds with credits can not (and will not) be issued prior to the 15th. After the 15th the IRS will check returns AGAIN (from what I’ve seen today). So I’d assume until you pass the second check no date can be given nor does any date mean anything.

With the PATH act things are just so different this year as far as being able to guess and figure out when you should be getting your refund. Unfortunately, this year until the 15th passes there’s not much to check or even do. Sucks :/

[Brii]

If you guys didn’t see it was for after the the 15th! It’s set for the 20th. And irs said they would start giving refund out that week!

[Brittany]

@nique did u receive ur dd

[513lette]

FEDERAL LAW- no one with one or both of those credits will see any money till after the 15th… don’t get your hopes up

[BoomerSooner]

@Nique well hopefully you do! Keep us posted.

[Nique]

@boomersooner

That’s what I thought. That’s why I’m really confused. I guess I’ll find out tomorrow if I really have a direct deposit.

[BoomerSooner]

@Nique I was under the impression no one receiving those credits could get it before the 15th

[Nique]

I filed 1/21 accepted the same day. Checked WMR today and have a DDD of 2/1. Never seen the second bar of “approved” Also have EIC so I’m really confused about this year!

[MsJones]

@BoomerSooner I would say that since we have different dates then it means things are moving right along.

[BoomerSooner]

I filed on the 26th and was accepted within about 15 minutes.

@Jennifer Echols thank you very much for the info.

[MsJones]

@BoomerSooner. I filed on 1/23 and was accepted 1/24. I could see both transcripts on 1/27. My process date says 2/13/17. When did you file and when were you accepted?

[Jennifer Echols]

@Jon,

You’re WRONG!!!!! If you can order both transcripts, they are Finished with your return!!!! Where are you getting your info from? You shouldn’t come here to be negative….

This is a question asked and answered on TurboTAX:

“If I was able to order both my transcripts does that mean I am processed and will be getting my refund?”

“Yes, if you can view transcripts, you are finished processing.”

You sound crazy saying anything other than that my friend….

[Jon]

It’s just a place holder date. They won’t be processing those returns until after 2/15. Don’t expect a refund any earlier than the last week of February

[Author]

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