Income tax refund
Hello, my husband and I filed our taxes back in March. We are to receive a refund of $3407.00. We have not received it. When I go to “where’s my refund” it states that it is still being processed. I believe I know why. On turbo tax we were asked if we received 2 stimulus checks, the first 2400.00 and the second 1200.00. I corrected it by reversing the first and second never realizing until it was too late the second should have been 2800.00. My questions are what should we? do about it and will we be penalized if we just wait it out? Thanks for your help.
Terry Says
Many people still haven’t received their refunds yet. In fact, the IRS is just finishing 2019 refunds (the returns filed last July). I talked with the IRS about this last week. Likely the order in which you noted the stimulus checks won’t make a difference. They are just behind. BUT if they do set your return aside for review because of that error, it could take a few months. Luckily, you will earn 3% on the refund, dating back to mid-April.
