Question

Why file early if the irs is going to hold your refund because you have earned income tax credit

Forum|Forum|1 year ago
February 12, 2025
5 replies
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Refund Status

Due to PATH Act, the IRS holds refunds for EITC/ACTC customers until March 3. You should still receive your refund 5 days early. This date is calculated based on 5 days prior to when the IRS releases your refund.

Here is more information on the 5 Day Early option: 5 Days Early

Please note: If your federal refund is deposited into your selected bank account less than 5 days before the IRS refund settlement date (the date it would have arrived if sent from the IRS directly), then you will not pay the 5 Days Early

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E

Eclay

I filed on 1-29nand have still not hit approved status and was told to expect it by March 3rd. What's the hold up on approval.

CatinaT1

Once your return is filed, TurboTax has no control over the processing of your return or the release of your refund.

Here are a couple FAQs to track your refund:
When will I get my federal tax refund?
How do I track my state refund?
Why does Where's My Refund say "approved" but TurboTax still says "accepted"?

Why do some refunds take longer than others?

What if my IRS refund is taking longer than 21 days?

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N

Nicmrrr

This would have been nice to know before filing, TurboTax still let us file knowing this and some of us opted to pay for filing using the return money costing us extra money for the fees. If we had known we may have held off and paid the fee out right, nice job turbo tax. Will not be using again after years of using this service.

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Acanex

One thing I learned a long time ago is that the money the government has sits in interest accruing accounts. This means that the longer they sit there the more money it generates for them. So it is not in there best interest to approve refunds and process them swiftly as it costs them the interest. Why do you think they release the refunds in waves?

Another thing to remember is this. Your refund is what you overpaid the government by. So think about this. Every time you get paid, a percentage of your money goes to the IRS. You are giving them an interest-free loan that they get to collect interest on over the course of the year. "Then" they may nor may not give you back this money depending on if someone else decides they have a claim to it, garnishments etc. And it gets better. Your money isnt even your money but community money. So imagine that you make $90k a year and your refund for this year is $100 after they determine your taxable income, but your coworker "Baby Factory" makes $25k and gets close to $13,000 for having 4 young children, unmarried. You are in a sense paying child support for children that arent even your own. Welcome to America. EIC is just another excuse they can use to hold onto that money longer and its us taxpayers that are paying for it. Not the rich

B

Boombaby99

@Acanex Wow! Tell us how you really feel about working poor families lol Thankfully someone is having kids because the rich certainly aren't.

X

xmasbaby0

Not telling you how I personally feel. Giving you the facts and the reason for PATH, which has been in effect since 2015, when Obama was President.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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WestEnd845

First:

The 21 days is an estimate that DOES NOT account for weekends and holidays. So, that's gonna run you more like 28-30 actual calendar days.

Second:

It'll hit when it hits.

D

Dog231Author

Ok u can say that without the all caps on the do not that’s kinda extra

R

Rsnow16

@Dog231 lol randomly commenting on a forum with nothing relating to the issue in question is kinda extra. Js.

To avoid being you:

If you don't have an updated status on the refund tool, login to IRS online account and check your payments transcripts. That's how I figured my deposit issuance date. You can create an account if you don't already have one.

M

mhyana

I get the panic and the anxiety over waiting for a deposit date. TRUST ME. But the person that replied saying to check the IRS website and login to get your transcripts is 100% right. I just did the same thing and I got my deposit date for the 26th which is in 5 days! I was sitting here fearing something happened but this just took a HUGE weight off my shoulders. For me, it was on the last page.

And I stg if a Gen X or Gen Z'er complains about my "caps": #1 it's called EMPHASIS. and #2 pound sand ❤️

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Lm86

After 4 agonizing weeks of waiting, I checked my IRS app this morning and finally got an update! Mine says my refund will be deposited on 2/25. I paid the extra $25 to TT to have mine 5 days early and I guess that's not going to happen now because if so, they would've hit my account yesterday.

I'll know better next year. I'm a millennial too 🙂 We're the best!