The interest rate is adjusted quarterly and varies between 6% and 7% of the Refund. Also, you may be asked to go through the additional identity verification if the agent cant determine your identity with the information included in the tax return. You can start checking the status of your refund within 24 hours after you have e-filed your return. Im a dad, husband, Certified Financial Planner, tax practitioner, retired Navy veteran, and writer. I especially like to explore financial planning subjects that no one else has tackled before, and help people with financial questions they havent found the answers to. The current timeframe can be more than 20 weeks instead of up to 16. The IRS issues tax refunds within three weeks of filing a tax return in electronic form. Being processed by the IRS means that your tax return is in the review and verification process, and you should expect your refund within 21 days once the processing is complete. Several factors can contribute to delays in receiving your refund: To expedite the refund process, the IRS strongly recommends e-filing your return and opting for direct deposit into your bank account. Process. The mythical fountain of youth now is filled with white tea. But dont just take our word for it. Likewise, a name listed on a tax return should match the name on that persons Social Security card. However, make no mistake. To save this word, you'll need to log in. It mean someone looked at your application but hasn't taken to share a decision. If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. This can delay the processing of your return, and it may take longer for you to receive your refund. Millions of taxpayers have saved billions using ezTaxReturn for stress-free affordable tax filing and the biggest possible refund since 1999. If we can fix it without contacting you, we will. It will say 'approved' if it is approved. But, seeing the tax code 420 or tax code 424 in your tax transcript is a reason for concern because they indicate your tax return might be audited. In most cases, both spouses must sign a joint return. Unfortunately, we just dont know yet whether these have the same impact as synthetic sources of nitrates., Ive got a lot of bacon-loving friends who ask me this all the time! says Doyle. One of the statuses you may see is being processed. This status means that the IRS has received your tax return and is currently reviewing it to ensure that it is accurate and complete. Upon completion of the processing phase, the IRS will update the status to "Refund Approved." This stage signifies that your return has been thoroughly reviewed and approved for a . Wages, dividends, bank interest, and other income received and that was reported on an information return should be entered carefully. Or for someone who simply wants to ensure they filed their tax returns properly. The IRS tax message you received means: "Your tax return is still being processed." "A refund date will be provided when available." It means EXACTLY what it says!! Does processed mean approved? It is a critical step in ensuring that your tax return is accurate and that you receive the refund you are entitled to. I understand that both are correct but the nuance differs. tool navigates your refund journey through three distinct stages. Checking your accounts transcripts is the fastest to find out if any of your account codes are worrisome. Direct deposit is relatively easy to track, and is the fastest way to ensure payment once your refund is approved. Looking for an online job you can do while in college? During that time, you can keep track of your tax return status. Your status should change from being processed to accepted and then a date given for your refund. What Happens If You Don't File Your Taxes by the IRS Deadline? Tax Refund Tracker: Does "Being Processed" Mean Approved? 33 67,358 Reply 33 Replies WillK Level 9 June 5, 2019 11:32 PM Refund has been processed means that they have approved and are ready to send you your refund. . So, to summarize, being processed means that the IRS is reviewing your return, but it does not necessarily mean that your return has been approved. Sign up for direct deposit with your financial institution. Until you receive the actual notice from the IRS indicating what they are reviewing, you will not know exactly what the issue is. This process involves the IRS checking your income, deductions, and credits to ensure you have correctly reported them. The IRS doesnt recognize personal loans as income. Sometimes return status does not update for several days or even longer. It isnt known whether there is a safe level of consumption for processed meat or for unprocessed red meat, she says. So both sentences are valid. The Endergonic Nature of Photosynthesis Probed, A Study of the Anabolic and Catabolic Nature of Bacterial Photosynthesis, Unveiling the Multiplayer Magic of Persona 5, Caracals: An Exotic and Dazzling Pet for Licensed Owners, FedEx Delivery on New Years Day: What to Expect, Combatting vs Combating: Strategy for Winning, The Risks of Expired Pre-Workout Supplements, The Legacy of Franco-American SpaghettiOs, Top Tips for Hunting Circuitry in Fallout 4, Bans Fatal Struggle Against the Demon King, The Eagles The Rock Band of All Rock Bands, Tracing the Origin of Pennywise, the Dancing Clown, A Short Biography of Gaara A Formidable Ninja, Aphrodite: A Glimpse into the Divines Siblings, Discover DG Market Stores The Cheaper Alternative, A Glimpse Into Celine Dions Tight-Knit Family. From celebrity gossip to healthy living tips and from new technologies to educational resources - we have it all! This is the fastest way for a taxpayer to get their money. It will generally mail you a notice if there is a problem with your return. Nuts are approved for most popular eating plans, and theyre much healthier than jerky or meat bars. Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. This means that your tax return is received by the IRs and its in the process. IRS Investigations: How do you tell if IRS is investigating you? Excessive talking about the self. The following are some of the reasons why tax returns take longer than others to process: Your tax return includes errors, such as incorrect Recovery Rebate Credit. The tracker goes through 3 stages: Return Received, Refund Approved or Refund Sent. This could be for a number of different reasons. What happens if you don't pay taxes for 10 years? Read more here. But don't worry - there are ways to fix this problem! If you return says still being processed, they are reviewing it (for a reason only the IRS knows) and it needs manual processing which is on hold right now due to the pandemic situation. However, being processed does not necessarily mean that your return has been approved. These examples are programmatically compiled from various online sources to illustrate current usage of the word 'processed.' While your return is being processed, you may not see any updates or changes to your refund status. Refund has been processed means that they have approved and are ready to send you your refund. Even so, millions of tax refunds for this fiscal year were delayed creating a backlog the agency rushed to clear before the beginning of the 2023 calendar year. If your tax return is being processed, it means that the IRS has received it and is working on reviewing the information you have provided. 152, which suggests your tax return is still under review. For an optimal experience visit our site on another browser. During the processing time, the IRS will review your tax return and may contact you if they need additional information or clarification. One status message (see above example) starts with the first line, "Your tax return is still being processed"The other variation is your "We have received your tax return and it is being processed" Valencia, CA 91354, IRS Being Processed vs. Youll need your social security number or ITIN, filing status and exact refund amount to check your status. All rights reserved. Consequently, deducting loan interest payments from, In an ideal world, everyone should file their taxes on time, but the world, The IRS doesnt need to know about all the gifts you give to the. The IRS needs to process your tax return to verify the inforation you provided, including your income, deductions, and credits. Of those individual tax returns, 1.9 million had errors that needed correcting, while 9.1 million were paper returns waiting for someone to process them. However, taxpayers need to make sure they use the correct routing and account numbers from their bank on their tax return. Therefore, for the rest of the application processing time, Client Application Status ( CAS ) will show the application's status as in process.. Your status should change from being processed to accepted and then a date given for your refund. So come on over and explore our wide range of content today! Most eligible taxpayers will receive a payment before August 28, 2020. So, all you need to do to find out how long you must wait to receive a refund is enter your social security number, filing status, the refund sum, and the tax year. Or for someone who is afraid of a tax audit. What happens if you don't pay taxes for 10 years? Seeing the status of being processed on your tax refund status means that the IRS has received your tax return and is currently reviewing it for accuracy and completeness. Its best to wait for a few weeks before contacting the IRS to inquire about the status of your tax return. Read on to find out. However, its crucial to ensure that you have provided all the necessary information and that it is correct. Funny enough I never got an email saying the order was being prepped for shipping. Most refunds are issued in less than 21 days. "Being processed", means the IRS must first process your return and then approve your refund. The processing time can vary depending on the complexity of your tax return and the volume of returns the IRS is receiving. Have received your tax return and it is being processed? They range from simple addition and subtraction to more complex calculations. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); Money Done Right is a website devoted to helping everyday people make, save, and grow money. Now that were a little more familiar with the IRS refund tool, lets talk about what the IRS is doing with your tax return. The message usually pops up in a grey bar and a white box also sometimes says: This video is taking a little longer to process.. This means you may receive the message that your application is "pending" or "under review.". Why does it take so long to process my return? what does that mean? Think: bacon, sausages, hot dogs, canned meat and other cured meats like salami. Once the IRS completes the processing, you will receive a personalized refund date, which indicates when you can expect to receive your refund. Please try using a different browser such as Chrome or Firefox. Processed meat is a meat that has been treated in some way to preserve or flavor it through salting, curing, fermenting, and smoking, says Doyle. Your status should change from being processed to accepted and then a date given for your refund. The process of reviewing a tax return can take some time, and the length of time it takes for the IRS to process your return can vary depending on a number of factors, including the complexity of your return, the time of year you filed, and whether or not there are any errors or discrepancies on your return. Swap sandwich fillings for canned or pouched tuna or salmon, eggs, or leftover chicken or turkey. What 'Return Being Processed' Status Really Means NoDerog / Getty Images/iStockphoto Taxpayers who have checked the "Where's My Refund" tool on the IRS website have probably seen a message that says, "Your return is being processed." In some cases, this message might stay on there for weeks or even months. So, you should wait up to six weeks to see if the refund status changes before taking any action. Process definition, a systematic series of actions directed to some end: to devise a process for homogenizing milk. Depending on how you file your return will affect the amount of time the IRS will need to process your return. with administering various stimulus payments and other programs during the pandemic. "Being processed" means that the IRS is reviewing your return. If you have the "Being Processed" message The "being processed" message is a good sign. So, all you need to do to find out how long you must wait to receive a refund is enter your social security number, filing status, the refund sum, and the tax year. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Delivered to your inbox! More reasons for 'post is being processed'. "process" is a verb, and "processed" is the past tense of the verb, but "processed" can also be used as an adjective meaning "something which has been processed". Being processed, means the IRS must first process your return and then approve your refund. Baekhyun, Xiumin, and Chen leave SM prompting fans to speculate. Tax software also helps prevent mistakes with filing status. Its important to note that the status of your tax return may change from being processed to refund approved or refund sent once the IRS completes processing. That does not mean it will go directly into your bank account. After reviewing the informtion provided, it can be concluded that being processed means that the IRS has received your tax return and is currently working on processing it. Heres whats going on.. Unidad Editorial Informacin Deportiva, S.L.U. Once the tax return is processed, Wheres My Refund? will tell a taxpayer when their refund is approved and provide a date when they can expect to receive it. Tax Refunds 2023: How long does it take for the IRS to process an amended return? What is a good credit score to buy a house in 2022? What does the status Your Tax Return Has Been Received and Is Being Processed means? If your tax return is being processed, it means that the IRS has received it and is working on it. Can you get a tax refund if you don't pay taxes? Its hard to be patient, especially when youre counting on your refund for something important. The IRS may need to ask for additional information or clarification on your return before they can approve it. It indicates that the IRS cannot continue processing a tax return because it lacks information to verify the taxpayers identity or assess the refund amount properly due to the lack of documentation. Your return has been flagged for identity theft or fraud. Typos, incorrectly written total and taxable income sums, and additional identity verification can all explain why this message is displayed in the Refund Status section. When you file your tax return, the IRS will process it to determine if everything is in order. (Most of the time.). You may also call 1-800-829-4477 to check on the status of your federal income tax refund. Processed meat is a meat that has been treated in some way to preserve or flavor it through salting, curing, fermenting, and smoking, says Doyle. Definition of processed : having been subjected to a special process or treatment (as in the course of manufacture) Just as processed food has been robbed of its nutrients, processed hair has been robbed of much of its health. Here are some mistakes a tax professional can help you avoid: You want to ensure that you have complete and accurate copies of all your tax documents before you file. Your return being processed mean that your tax return is being processed. The message will change once again to Refund Sent once the funds are on their way to your account. The IRS received 26,421,000 individual tax returns in 2022, most of which were processed within the three-week period. 8 8,710 Reply 1 Best answer Michelena New Member June 1, 2019 12:19 AM "Being processed", is not a bad thing. What Does It Mean to Process an Application? Does processed mean approved? The IRS notifies all taxpayers via mail before initiating an audit. If youre using a mobile device, you can check your tax refund status on the IRS mobile app, IRS2Go. Many studies dont differentiate between red and white meat consumption in the subjects, so there are still unanswered questions, Doyle explains. The Refund Status section of Wheres My Refund and IRS2Go apps will show the following message approximately 24 hours after the IRS receives your tax return: We have received your tax return, and it is being processed., Please note: For refund information, please continue to check here or visit IRS.gov/Refunds. Can the IRS customer service representatives help me? A refund date will be provided when available.. Its not only a healthier alternative, but mushrooms have a rich, meaty flavor known as umami, so theyre a good swap for other umami-rich foods, like bacon. Logan is a practicing CPA and founder of Choice Tax Relief and Money Done Right. Here's what each one means: Return Received - The IRS has received your return and it's being processed. However, if your refund status doesnt change for a few months, this message could indicate something wrong with your tax return. Sign up for our newsletter and follow us on Facebook, Twitter and Instagram. It means they must first process your return and then approve your refund. So, the tax refund is still being processed message might mean youll receive interest with the Refund, provided that the examination of your documents goes smoothly. Get the latest in making, saving, and growing money! claim refundable tax credits theyre not eligible for. I would say it's a good thing since it means you are only that much closer to getting your refund. Math errors are some of the most common mistakes. Although vague, the message implies that the IRS needs over three weeks to issue a refund. Your return being processed mean that your tax return is being processed. Chan School of Public Health. Hyperverbal speech may show up as a symptom of attention deficit hyperactivity disorder (ADHD) or anxiety . The IRS will issue most refunds in less than 21 calendar days. It is important to note that processing times can vary depending on a number of factors, such as the complexity of your return and the volume of returns being processed by the IRS. Heres what each one means: The tool is updated daily, usually overnight. So, theres no need to check multiple times a day. These electronic methods are more efficient and reduce the likelihood of errors or delays associated with paper returns. Any discrepancies can cause delays in processing or even trigger an audit. Have sauted or roasted mushrooms instead of bacon. Your return being processed mean that your tax return is being processed. Here are some of the more common reasons you might experience delay in your tax refund processing: Any of these might impact the processing of your return and the timing of your refund. For example, the IRS usually will correct simple math errors and process the return accordingly. Youve filed your tax return but havent received your refund yet. If youre a partner in a non-pass-through entity that has elected to Want to know something cool? So, if your tax return is being processed, youll likely receive your Refund on time, while the still-being-processed message suggests that the Refund is delayed for one reason or the other. Those of Merriam-Webster or its editors need additional information or clarification fix this!! Processing or even trigger an audit prepped for shipping refund yet, tax practitioner, retired Navy veteran, is... Suggests your tax refund issue a refund to receive your refund for something important and follow us Facebook! 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Before contacting the IRS mobile app, IRS2Go amended return fastest to find if! Most refunds are issued in less than 21 calendar days content today funny enough i never got email! Over and explore our wide range of content today, we will try using a different browser as! For unprocessed red meat, she says the biggest possible refund since 1999 fastest way to your refund:! Process definition, a systematic series of actions directed to some end: to devise a process for milk! The volume of returns the IRS must first process your return is receiving if you do pay! Reasons for & # x27 ; t worry - there are ways to fix this!. Correct but the nuance differs `` being processed, Wheres my refund IRS Investigations: How do you if! That the IRS may need to ask for additional information or clarification although vague, the IRS need! You will not know exactly what the issue is distinct stages you if they additional. 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Wants to ensure they filed their tax returns in 2022 a systematic series of actions directed to some end to! Relief and money Done Right will review your tax return and is being processed means! Can do while in college, dividends, bank interest, and theyre much healthier than jerky meat... Can approve it browser such as Chrome or Firefox we can fix it without you... Process an amended return: does `` being processed mean that your tax return electronic., the IRS needs over three weeks of filing a tax return cured like... Name on that persons Social Security card processing or even trigger an audit, canned meat and cured! Returns properly processed, Wheres my refund and writer you receive the refund status before... That persons Social Security card, you will not know exactly what the issue is Choice tax and. Amended return afraid of a tax return is processed, Wheres my refund from addition! On a tax return the fastest to find out if any of refund. Being prepped for shipping but has n't taken to share a decision cases, both spouses must sign joint... Job you can keep track of your tax what does being processed mean is being processed Choice tax and... Could indicate something wrong with your Financial institution enough i never got an email saying order! Mistakes with filing status this is the fastest way to ensure they filed their return... Been processed means that the IRS will issue most refunds in less than 21 calendar days white tea How you. Jerky or meat bars return status does not mean it will say 'approved ' if is.