Monday, January 2, 2017

Will Your Refund be Delayed?

The PATH Act has serious repercussions for this year's tax refund timing.  In short, anyone receiving the Earned Income Tax Credit or Additional Child Tax Credit may have to wait until as late as February 27th to get their refund.  Some tax professionals think people getting the American Opportunity Credit (credit for 1st 4 years of college payment) may see delays as well.

How do you know if this is you?  The short answer is that if you got more back in your tax refund than you paid in withholding (you got free money from the government on your tax return) you should be worried.  The lower your income and the more kids you have (especially children under 17) the more worried you should be.  If you are close, just plan on February 27th (assuming you file early - it still takes 8 to 15 days for everyone else after filing*) being the day you get your refund.

Specific numbers where a refund will almost certainly be delayed are joint filers with no children and income below $20,430, 1 child and income below $44,846, 2 children and income below $50,198, and 3 or more children and income below $53,505.  For non joint filers the numbers are: 0 children: $14,880, 1 child: $39,296, 2 children: $44,648, 3 or more children: $47,955.

For States, this is last year's list, which I will try to keep updated: STATE TAX ID THEFT PLANS

*Many things impact this, and you never know when for sure - details HERE

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