If you’re counting on a tax refund to help pay the bills this year, one woman’s story might serve as a cautionary tale.
Christy, who asked Fox 59 to keep her last name private, got her tax return on a credit card this year. Many companies offer the option as the fastest way to get your money back.
Christy saw online that her refund was due to deposit on Feb. 7. A snag with the company caused the card to be put on hold, leaving Christy with bills she still needed to pay.
“I got two of the bills paid and then I was trying to pay the gas bill and they said it was denied,” Christy said.
She’s not the only one running into delays with their tax refunds this year. CPA Cathy Swift said that even if you don’t opt for the credit card option, expect your refund to come at least a week later than usual.
“We’ve told everyone not to expect anything for three weeks once it’s E-filed,” Swift said.
The delay is caused by changes to the tax code that are aimed at better preventing fraud. Swift said that there are especially delays on tax statements that include the Earned Income Credit.
Christy was able to get the card fixed, after a long day on the phone. She’s now telling friends and family to beware and plan ahead, in case they run into similar problems.
“It makes me (worried). I’ve never had any trouble before but now it’s got me thinking,” Christy said.