September 24, 2020

Bucks: A Tax Refund in 28 Days, Not the Feared 145

Tim Ryan says he’s not sure exactly how it happened, but he’s not complaining: When he checked his bank account on Friday, it indicated a deposit of $1,009 — from the Internal Revenue Service. His tax refund had arrived, much sooner than he had expected. “It must be an Easter miracle,” he said in an e-mail.

Mr. Ryan was the subject of an earlier post because the I.R.S. told him on March 11 that his refund might be delayed 145 days, or into the summer, in part because of computer glitches in processing certain returns. The problems centered on filers who had taken the 2008 home buyer credit and were now beginning to repay the credit (the 2008 credit was really a no-interest loan that had to be repaid over 15 years, starting with tax returns filed for the year 2010). Mr. Ryan further frazzled the agency’s systems by paying more toward the credit repayment than required.

But earlier this week, Mr. Ryan said, he checked on the I.R.S. Web site and was given an expected date of April 12 for receipt of his refund, and then, when he checked again, of April 8. The I.R.S. apparently did indeed work “promptly,” as it had pledged, to process the delayed refunds — although it still hasn’t said just how many filers were affected by the home buyer credit problem.

Mr. Ryan said he didn’t plan to spend his money right away — just in case the earlier than expected refund wasn’t permanent. “I think I’m going to hang onto it for a while.”

If you started repaying the 2008 home buyer credit this year, have you received your refund yet?

Article source: http://feeds.nytimes.com/click.phdo?i=b10cf3145d872285d5a609d849480138

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