On today’s IRS tax refund update with less than one month to go until the start of the 2025 tax season we will take a look at the latest developments including those ongoing recovery rebate credit refunds being sent out to approximately one million tax filers and from there we will take a look at some key items you will want to remember when filing your tax returns including some top codes on your tax transcripts. Starting out with the latest as we continue to hear from our viewers who are receiving those recovery rebate credit refunds in the amount of $1,400 per tax filer, now this is impacting approximately one million individuals who did not receive the economic stimulus payment back in 2021, and did not claim the recovery rebate credit in the following years, now these payments will be automatic and require no action from those eligible tax filers and will either be sent via direct deposit to the tax filers bank account or sent by paper check, now those refunds are currently ongoing and should be finished by late January. Now as many are preparing to file their tax returns starting in the next few weeks one of the problems a number of our viewers have encountered in previous years is having their tax returns rejected by the IRS when filing online and encountering some of the messages as seen here, and in a number of cases the tax return rejection is due to a very simple problem that can easily be corrected such as an incorrect social security number was entered, as well as the wrong information for a dependent being claimed such as a name or social security number does not match, however other causes for a rejected tax return could be that an identification protection PIN is required and is missing which usually impacts those who have been victim of tax identity theft in the past, and another cause for rejection is someone else has claimed the dependent you are trying to claim on your tax return.
0:00 Introduction
0:23 Recovery Rebate Credit
0:59 Rejected Tax Returns
1:47 Transcript Codes
3:15 Refund Delays
4:05 Tax Transcript
4:36 Closing
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Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.
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