You may need to wait until the end of February for your tax refund because of a new law implemented to help stop tax fraud. The new law, which necessitates the delay of paying refunds on returns that claim a child tax credit or the earned income tax credit, could keep millions of low and middle-income taxpayers waiting for their refunds until February 27th.
For many taxpayers, the delay will be more than just an inconvenience, as a lot of individuals rely on these refunds to help pay off debt. However, the time allows the IRS to check information provided on tax returns against information provided on W-2s filed by employers.
All approved refunds are set to be released on February 15th. However, accounting for processing times as well as President’s Day on February 20th, taxpayers may not receive refunds until February 27th.