GREENSBORO, NC -- Here's the question you need to answer: Do you want the money from your 2017 tax refund in your pocket now or do you want your 2017 tax refund money in 2017 and probably 3 weeks later than normal?
The IRS is putting in extra tax fraud protections and that is going to slow the refund process down an extra 3 weeks. The delay affects anyone who claims the Earned Income Tax Credit/EITC or the Additional Child Tax Credit/ACTC. The IRS will hold the entire refund, even the portion not associated with the credits, until at least February 15th.
If you choose to wait for the money, that's fine. You don't have to do anything. If you want to have access to the money sooner, you can do that by changing your withholding now. The IRS is recommending taxpayers look at their withholding.
Ryan Dodson of Liberty Tax Service says, "So if you change your withholding in you have less withheld out of your paycheck that means that what you actually receive in your paycheck is going to be higher. So you get a little bit more now in every single paycheck and less on your refund when you file the return in February.
Before you do anything, check with the company or person who did your taxes or the IRS help line. You change your withholding through your employer.
You can check out the IRS Withholding Calculator.
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