2024 IRS TAX REFUND UPDATE - New Refunds Released, Path Act, ID Verification Delays, Transcripts

On todays IRS tax refund update we will take a look at the latest developments including the next batches of tax refunds scheduled for release by the IRS. We will also check in on the latest with refunds on hold due to the Path act, as well as refund delays due to the need to complete ID verification. From there we will recap those who are still seeing no updates to their tax transcripts or refund status results and take a look at the latest update from the IRS on how tax processing is going so far this year. Now starting off with developing news as the next batches of direct deposit tax refunds are scheduled to be transmitted and released by the IRS on both February 13th and February 14th as confirmed by the refund status results seen here. Now if you are part of either refund batch do allow up to 5 days for that refund to post to your bank account before initiating a payment trace with the IRS. Moving onto those tax refund delays as a growing number of viewers claiming the earned income tax credit or additional child tax credit who have their refunds on hold due to the path act are beginning to see updates to their tax transcripts, and refund status results. Now the transcript provided by a viewer claiming the earned income tax credit who filed their taxes back on February 7th with a cycle code ending in 04 reflects the EIC claim with the 768 transcript code indicated, as well as the 766 credit to account code. However, we also continue to get conflicting reports on the identity verification process as some viewers are indicating they are still unable to begin the process until they receive that letter from the IRS in the mail because they are encountering the screen seen here asking them to verify their letter which prevents them from proceeding any further. Meanwhile other viewers are indicating they have been successfully able to complete ID verification without any notice from the IRS. There also has been discussion that some of those encountering the ID verification request are experiencing a glitch with the IRS computer system, however as of this recording the IRS has not confirmed this, and we will wait for more official reports.

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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.