Government shutdown could impact tax refunds

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And what if the government shutdown continues deep into tax season?

But fear not! While the Internal Revenue Service now lacks the funds to process refunds, it is fully prepared to process tax returns that include payments to the government.

The IRS has said in the past that it would not issue any tax refunds during a shutdown.

If an individual receives their W-2 or Form 1099 after filing and the information is different than what was claimed, that person can file an amended tax return using Form 1040X.

Land says if you owe the government money, the shutdown does not give you extra time to pay.

While refunds might be delayed, the April 15 deadline to file won't change.

The IRS is working with limited staff during the partial shutdown.

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A short shutdown may have little impact, but a longer shutdown could prevent people who like to file their returns early from getting their refunds right away.

That plan might be revised as soon as Friday, as the agency shifts into tax season, which typically starts in mid-January, CNN reports, citing a source familiar with the matter.

"Don't look for this filing season to be open even at the end of January".

They also won't respond to questions from taxpayers.

Taxpayers who've been counting on a tax refund to pay off credit-card bills from Christmas spending may feel themselves squeezed, in other words.

An analysis by UBS estimated an overall increase of $42 billion to $66 billion in tax refunds this year over 2017, Business Insider previously reported. "We offer a refund advance loan, 500 to six thousand dollars, you can get it within 24 to 48 hours", said Land.

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