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Common Tax Refund Myths

There can be uncertainty around the timeline for receiving IRS tax refunds. Here are a few common questions related to these myths, along with real-world answers.

Q: Can I get a more accurate refund date by calling the IRS or my tax return preparer?

A: No. The IRS Where’s My Refund online portal (link below) and the IRS2Go app provide the most accurate information available on the timeline for your tax refund.

Q: Can I find out my refund date by ordering a tax transcript from the IRS?

A: This popular myth is false. Use the Where’s My Refund portal or IRS2Go app to get an estimated date for your refund.

Q: The Where’s My Refund Portal or IRS2Go app does not show a refund deposit or mailing date. Does this mean that the system is not working?

A: Generally, if these sources cannot provide a refund date, it just means that the IRS has not finished processing your return. While the IRS issues most refunds within 21 days for electronically filed returns, processing can take longer for a variety of reasons.

Q: What does it mean if Where’s My Refund shows a different refund amount than I expected?

A: Most likely, the IRS had to make an adjustment to your return. You will receive an official IRS or U.S. Treasury letter explaining any change to your refund amount.

Q: If I get a 2021 tax refund, does that mean my withholding amounts are correct for 2022?

A: Not necessarily. Regardless of your refund amount, it is always good to check the IRS Withholding Estimator Tool (link below) periodically to make sure you are staying on track.

IRS Where’s My Refund portal: https://www.irs.gov/refunds
IRS Withholding Estimator tool: https://apps.irs.gov/app/tax-withholding-estimator

 

About Chad Brzezinski, CPA, PLLC

Chad Brzezinski, CPA, PLLC is a Certified Public Accounting Firm providing accounting, tax, and other advisory services to businesses and individuals. The Firm’s expertise ranges from basic tax management and accounting services to more in-depth services such as financial statements. Combining expertise with one-on-one professional relationships, the Firm assures that every client receives the close analysis and attention they deserve.

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