Is Your Tax Refund Delayed? It Could Boil Down to Bad Math

Sometimes, all it takes is a simple error to keep your refund away.

The 2022 tax-filing season has been underway since late January. Some people may, inevitably, file their returns at the last minute. But if you submitted your 2021 taxes (those are the returns you're filing this year) at the end of January or during the first half of February, then you may be wondering why your refund hasn't hit your bank account by now.

There are different reasons that could explain a delay in your tax refund. For one thing, if you submit the wrong bank account details, the payment the IRS sends will get rejected. The IRS will then need to reconcile that erroneous payment and figure out how to send your money, which means you won't see it as quickly.

But in some cases, a mistake on your tax return could be the reason behind your refund delay. And for many filers, that mistake might boil down to bad math.

Are math errors holding your refund up?

The IRS typically issues tax refunds for electronically filed tax returns within three weeks of receipt. The turnaround time for paper returns is usually twice as long -- about six weeks. But these are just general guidelines. Mistakes on your tax return could result in an extensive refund delay.

Last year, the IRS sent 7.4 million math error notices to filers during the first seven months of the year relating to problems with stimulus payments. To be clear, those errors weren't necessarily made by filers themselves.

The point, however, is that this year's tax season opens the door to a host of potential math errors. That's because filers will have to individually reconcile their stimulus and advance Child Tax Credit payments to know what refund to claim. If those numbers are off, it could result in a lot of rejected returns -- and a lot of delayed refunds.

Now usually, the IRS will attempt to correct math errors on its own rather than reject a return outright. But if the volume of those errors is excessive this year, the agency may have to reject returns and put that burden on tax filers instead.

How to avoid math errors on your taxes

As humans, it's easy to get even a basic calculation wrong. But getting it wrong on your taxes could have aggravating consequences, like a delay in the large pile of cash you're hoping to get your hands on sooner rather than later.

Still, there are steps you can take to reduce your likelihood of making a math mistake on your taxes. First, file electronically rather than on paper. Today's tax software does a great job of catching things like incorrect addition or subtraction.

That said, if you input data that's off, the software you use may not catch an error. If you're worried about making a mistake on your return -- especially as it relates to reconciling a stimulus or Child Tax Credit payment -- then it could pay to hire a tax preparer this year.

While you might spend a bit of money to enlist the help of a professional, that person might also manage to eke out extra tax savings you wouldn't have identified yourself. Just as importantly, using a professional could spare you the headache that might come with a rejected return -- and a delay in the lump sum of money you really need.