- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
@ zvant99 wrote:Once I did that they said that they may take another nine weeks to process my refund. What a scam by our government to hold on to my money. I don’t see them paying me any interest or penalties for holding my money hostage.
They tell folks who go through the ID verification 8-9 weeks, but it doesn't always take that long. Yes, the IRS normally does pay a filer interest (but not penalty) if it takes more than 45 days (from filing deadline or late-filed date) to process a return that is due a Federal refund. That interest payment from the IRS is taxable income and has to be reported on the next year's tax return. If more than $10, the IRS sends a 1099-INT. It still has to be reported even if less than $10 and no 1099-INT.
While it's a pain to establish the IRS online account, it's actually a handy tool in the future for checking account balances, reviewing tax return transcripts, prior year AGI, making tax payments, etc. And if you ever have need for an IP PIN (identity protection PIN), it's easy to manage in the IRS account.