How Will The Government Shutdown Affect Tax Refunds? (Correct answer)

The short answer: Despite previous concerns, the Trump administration is trying to ensure tax returns and refunds aren’t noticeably affected by the shutdown — calling back IRS employees to make sure all the paperwork and filings are processed.

How does the government shutdown affect your taxes?

  • The shutdown will not affect the amount of your tax refund. No matter how long it goes, you won’t be docked any money that the IRS owes you if you’re due a refund—but how soon you receive that refund is a bit different. Typically, no tax refunds will be issued while the government is at a standstill.

Will I still get my tax refund if the government shuts down?

Will a shutdown impact my child tax credit or tax refund? A shutdown shouldn’t have a big impact on either of those payments. The Internal Revenue Service furloughs tens of thousands, but does not shut down. The best idea is to monitor the “Where’s My Refund” tool on the IRS Website.

Are they going to hold tax refunds?

Congress passed a law that requires the IRS to HOLD all tax refunds that include the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) until February 15, 2021, regardless of how early the tax return was filed.

What agencies are affected by government shutdown?

There are nine federal departments affected by the Trump Shutdown: Homeland Security, Treasury, Agriculture, Interior, Housing and Urban Development, Justice, Commerce, Transportation, and State.

Will Child Tax Credit continue if government shuts down?

White House Press Secretary Jen Psaki said Wednesday that about 60% of IRS workers would have been furloughed in a government shutdown, affecting things like answering questions from taxpayers, “but we expect IRS will still be able to continue processing tax refunds, providing the Child Tax Credit.”

You might be interested:  How To Amend A Tax Return On Turbotax? (Best solution)

Why are refunds taking so long 2021?

What’s Taking So Long? If you don’t receive your refund in 21 days, your tax return might need further review. This may happen if your return was incomplete or incorrect. You may also experience delays if you claimed the Earned Income Tax Credit or the Additional Child Tax Credit.

How far behind are IRS refunds?

The IRS usually issues tax refunds within three weeks, but some taxpayers have been waiting months to receive their payments. If there are any errors, or if you filed a claim for an earned income tax credit or the child tax credit, the wait could be lengthy.

Is the IRS behind on refunds 2020?

According to the IRS, 9 million taxpayers are still waiting for their 2020 tax refund. RALEIGH, N.C. (WTVD) — There are less than two months left in 2021, and according to the IRS, 9 million taxpayers are still waiting for their 2020 tax refund.

Does government shutdown affect Social Security?

During a government shutdown, recipients will continue to receive their Social Security and SSI checks. However, a shutdown suspends the issuance of Social Security cards.

What is a federal government shutdown?

Government shutdowns in the United States occur when there is a failure to enact funding legislation to finance the government for its next fiscal year or a temporary funding measure. Shutdowns can also occur within and disrupt state, territorial, and local levels of government.

What happens to unemployment if the government shuts down?

Will unemployment benefits continue during a federal government shutdown? In most cases, if there is a short-term, federal government shutdown, unemployment benefits should not be interrupted, but individuals should check with their State agencies for information about their specific concerns.

You might be interested:  Where Do I Mail My Ny State Tax Return?

Will VA checks be affected by government shutdown?

VA Compensation and Pensions Continue to Be Paid During a Government Shutdown. Disabled veterans, dependents and survivors would continue to receive their payments from VA.

Does child tax credit come October?

WASHINGTON — The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of October.

Leave a Reply

Your email address will not be published. Required fields are marked *