If you don't file your 2020 tax return soon, you'll likely owe late fees or more interest - and you could be missing out on your tax refund, stimulus checks or child tax credit payments, which you may only be eligible for with your 2020 tax return. The money could give families some financial relief but an overdue tax refund could also be a big help. The tax agency is also juggling stimulus checks, child tax credit payment problems and refunds for tax overpayment on unemployment benefits. And while refunds typically take around 21 days to process, the IRS says delays could be up to 120 days. Be aware that the IRS is still facing a backlog of unprocessed individual returns, 2020 returns with errors and amended returns that require corrections or special handling. 15 if you file a tax extension - you'll need to know how to track your refund. Whether you've already filed your taxes or you're planning to do so by the final due date - that's Oct. If you see "IRS TREAS 310" on your bank statement, it could be your income tax refund.
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