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This post is for information only!!!!
For those of you who don’t understand .
The IRS came forward and said they are holding returns for the Bill approved today. Due to the income changes the bill will provide to those with unemployment. They also stated that if you have called and recieved a strange answer about your return (errors dept….)to not be worried (unless you received a letter) they are processing fine this year. The hold is for the stimulus bill.
The new stimulus bill makes the first $10,000 earned from unemployment ” UnTaxed” providing lowers income in return bigger refunds. Some credits like eitc, recovery rebate and look back may be affected by the change in income. So many people are affected it is just best to hold .
For this reason as i have said for a month now the Irs is holding on to refunds to prevent having people amending return. Those that have gotten money may have to do that especially if they have unemployment. Because of the stop alot of us will experience some more delays, but the majority of us are processed and just being held for reprocessing uder the new systems algorithms for unemployment.
Also it will allow most of us to get Stimulus money at the same time. With that being said we may not see updates until about 1 week from Friday or offical signing . The IRS workers are going to tell you whatever they can to get you off the phone . I will keep you guys updated .
I assume i will know something by Tuesday with a DDD between 03/17- 03/25 .
Accepted 2/11
Wmr updated to Still processing 3/2
Got state 3/3
N/a transcript and no changes since.
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LadyNC is projecting so hard lmao. It’s sad, really.
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IM HERE TO AGREE WITH EVERYONE ELSE THAT YOU’RE WRONG.
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@Eril
I never said we weren’t. Maybe reread my comment. -
My phone hates me.
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@Nat you are also incorrect. A quick Google search would show that we are receiving the stimulus and ALSO the monthly payments starting most likely in July. The monthly payments are a tax credit advance. Totally separate. Smh
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@Nat you are also correct. A quick Google search would show that we are receiving the stimulus and ALSO the monthly payments starting most likely in July. The monthly payments are a tax credit advance. Totally separate. Smh.
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@ ladync21
Did you really just say “ The rest of you need to watch the news or learn how to research”?!
Lmao first of all most of the information you are giving is false. Second NO ONE IS GETTJG THE FULL CHILD REFIND CREDIT THAT JUST PASSED IN FULL. It will be given in monthly payments. Tf, how u gonna tell people to learn to research and you yourself don’t know what you’re talking about. STOP GIVING PPL WRONG INFO! -
It’s not in the news though. I looked everywhere. I found a story about how tax preparers are stressed by it, which I completely understand, and maybe the IRS would or could hold returns? I don’t know. That doesn’t make it a fact though.
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It’s actually not clear what the IRS is going to do yet. It wouldn’t surprise me if they were trying to hold returns but that’s just speculation. We’ll know more in a few days but this here is 100% not confirmed what’s going on. The IRS released a statement today saying they are processing returns as fast as they can and to keep checking your bank account. IDK where this lady got her information from
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can you cite at least one source?
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Actually the bill DOES apply to 2020. It is retroactive to the unemployment people recieved in 2020 not 2021. Just to clarify.
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I filed taxes on 2/24, included unemployment (taxes paid on unemployment wages), one w2, look back, one recovery rebate, one child, and one offset.
I had no hold on my return and I received my deposit this morning 3/10. So it makes no sense why they would hold every tax return that includes unemployment.
Hope you get an update soon. -
@PHam, the bill does apply to 2020 unemployment. That is when unemployment due to the pandemic was at its highest.
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Why would a 2021 Bill effect unemployment for 2020?
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My sister in law got hers and had unemployment. We had no unemployment
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From reading past forums and because of this statement:
“For this reason as i have said for a month now the Irs is holding on to refunds to prevent having people amending return“.
I wouldn’t believe this.
Stimulus just got approved and then she thinks her statement is right. I filed unemployment and had taxes taken out so if this was the case why would they “hold” it if mine are paid for already?! Makes no sense. -
That’s what I want to know too!
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I don’t think that’s true. Why would they hold tax returns to sign a bill? Never been done before. Whose your source? Disinformation doesn’t help anybody.
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Where exactly did you read this at?
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- The forum ‘2021 Tax Season’ is closed to new topics and replies.