Your tax refund might take longer this year
BISMARCK, N.D. (KFYR) - Tax season is no fun, but one bright spot for some is a tax refund at the end of it. This year, you might need to wait before spending that tax refund this year.
Some North Dakotans already know what they’re spending their tax refund on.
“We usually do it for our family needs, or a family trip or something,” said Ken Hall, of Bismarck.
“I really don’t know,” said Nicole Fettig, of Napoleon.
Whether you know where the money’s going or not, officials say this year, you should be prepared to wait longer for it to arrive.
Claiming the Child Tax Credit is one thing that could slow your return, due to regulations designed to deter fraud.
“We don’t expect any delays on our end, at the state level, but the IRS has indicated that they have a backlog and there will be delays with the processing of federal returns,” said Brian Kroshus, North Dakota tax commissioner.
Financial experts say using money from a big refund can be big in growing wealth.
“I think the wise decision, first and foremost, is look and see if you have any high-interest debt out there. Especially credit cards, put that tax refund to work and pay off those credit cards. You’re going to dig yourself out of a hole much faster if you put a chunk of money toward that credit card or if you pay off that credit card altogether,” said David Wald, Securian Financial Services president.
After paying off debts, Wald recommends setting up an emergency fund.
North Dakota Tax Commissioner Brian Kroshus recommends everyone file electronically. He says it helps reduce fraud and it speeds up the processing time of refunds.
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