BUSINESS + ECONOMY
What the delay in receiving a tax refund this year will mean for Utahns
SALT LAKE CITY — Two weeks ago, the Internal Revenue Service announced there will be a delay in people receiving their tax refund for the year. Processing delays and other factors are causing the IRS to take longer to get returns out to people.
A delay in a tax refund
“Even though the Internal Revenue Service issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer,” a statement from the IRS said.
Despite the delay, the agency still recommends filing electronically and choosing direct deposit as it is the fastest way to get a refund.
Figures from the IRS show that returns this year will average higher than last year. In 2021, Utahns received an average total of $2,700 in returns.
As for another sign of relief, the Utah State Senate passed a tax cut bill this year. Utahns can expect to see $193 million in their tax returns this year. Governor Spencer Cox signed the bill into law back in February.
Putting off payments + purchases
But because of the delay in receiving returns, Utahns may have to hold off on paying off debts or purchasing big-ticket items provided they were to use the money from the return for those purposes.
But just in case anyone who hasn’t filed yet needs more time, it is possible to get an extension for six months after the filing deadline, which is April 18. In a separate statement, the IRS said taxpayers who need more time can request an automatic extension all the way to October 18th. They would need to use the IRS Free File form available on the IRS website in order to request an extension.
In case anyone is impatient and has to know what is happening with their refund, The IRS set up a “Where’s My Refund” site where people fill out a form and receive information on the status of their refund.
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