IRS was 1.2 million refunds behind the day tax season opened

[Yo_Mama_Been_Loggin]

week into tax season, the U.S.' tax collector appears woefully behind its own projections on processing tax returns and refunds.

According to the agency's own numbers from last November, the IRS expected to process 1.2 million electronic tax refunds and 300,000 paper refunds during its fourth working week of the year, from Friday, Jan. 18 to Thursday, Jan. 24. The following Friday-to-Thursday week, it expected to process a total of 4.3 million refunds.

While the IRS is able to accept and process tax returns before the official opening of tax season (Jan. 28 this year), it's not able to accept large numbers of electronic returns before then, which is the filing format preferred by nearly 90 percent of taxpayers.



The IRS' November projections show it processing 1.2 million electronic refunds by Jan. 24 — a number that now appears highly unlikely, since electronic filing was not even available until Jan. 28.

https://www.msn.com/en-us/money/taxes/irs-was-12-million-refunds-behind-the-day-tax-season-opened/ar-BBTbbBf?li=BBnbfcN#image=1

[redstatebluegirl]

1. People, people, you want to have your tax withholding at or about at your tax liability.

To let them have your money interest free, for a year is stupid! Put it in a savings account!

[jmowreader]

2. I take it you haven't seen the interest rates on savings accounts lately

My savings account pays 0.01% interest. If I put $500 in it this year, I will earn $5 and the bank will earn hundreds of dollars by loaning it out - which, of course, is what all banks do.

But if I send that $500 to the government, they can use it to help fund one of the 250 Trump investigations currently ongoing.

Hmm...investigate Trump or make the bank richer? Decisions, decisions...

[redstatebluegirl]

3. Yes, but 1 percent is better than letting Rump spend your money.

[jmowreader]

4. One HUNDREDTH of a percent

[marybourg]

5. You can do better!

Much better. Shop around. My bank is paying 1.88% in a money market account. CDs thru Vanguard, Schwab and Fidelity are paying 2.45 for 1year.