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Will Form 8862 delay my refund? |



Form 8862 is the IRS form required to receive your refund. This can be a pain, but it’s not as bad as you might think. In fact, you can even file a tax return for free. In the meantime, let’s explore whether or not this form will delay your refund and what other possible approaches exist for receiving that money back faster!

The “irs form 8862 for 2021” is a form that the IRS uses to determine if you can get a refund. If your tax return is accepted, then it will be processed and you will be able to receive your refund. However, if your return is rejected, then you might have to wait longer than expected for your refund.

Will Form 8862 delay my refund? |

Information to Claim Earned Income Credit (Form 8862) You should not wait for your refund to be processed after you’ve been denied. You’ll be on the IRS payment schedule after you’ve been approved. Last year, the IRS processed more than 9 out of 10 refunds in fewer than 21 days.

What is the Earned Income Credit once Form 8862 is disallowed?

Information to Claim EIC After Disallowance (Form 8862). If both of the following apply, Form 8862 must be submitted with the taxpayer’s tax return: For any cause other than a math or clerical mistake, the taxpayer’s claim for the Earned Income Credit was decreased or denied.

What does EIC disallowance imply, for example? Disallowed Credit as Defined by the IRS Your EITC, CTC/ACTC, or AOTC was decreased or denied, and you got a notice stating that the next time you claim the credit(s), you must complete and attach Form 8862; AND. You fulfill all of the criteria and wish to claim the EITC, CTC/ACTC, or AOTC for the current tax year.

Is it also possible to file Form 8862 electronically?

If you are e-filing your tax return, you must include Form 8862. The IRS may reject your return if it isn’t. When you use TurboTax to prepare your taxes, we’ll ask you a few easy questions and fill out this form, as well as the rest of the documents you’ll need to submit your taxes.

What is a prohibition?

A denial is what a disallowance is. When you apply for one of these tax credits, the IRS may either deny your claim or lower the amount you get. If this occurs, you’ll have to reapply for one of these credits using form 8862 in the future.

Answers to Related Questions

Why is EIC not permitted?

You must complete Form 8862 if your Earned Income Credit (EIC) application was refused or decreased for any reason other than a math or clerical mistake. You won’t be able to claim the EIC credit for ten years if the IRS disallows it due to fraud.

How can I tell whether I was denied EIC?

The IRS would have told you in most circumstances during the year you were denied. A notification would have arrived in the mail. Whether you’re not sure if you’ve been denied EIC before, call the IRS at 1-800-829-1040 to find out.

What happens if you don’t qualify for earned income credit?

You must complete Form 8862 if your Earned Income Credit (EIC) application was refused or decreased for any reason other than a math or clerical mistake. You won’t be able to claim the EIC credit for ten years if the IRS disallows it due to fraud.

What exactly does EIC stand for?

credit for earned income

What does it signify when claims are denied?

A claim that has been disallowed, in whole or in part, is referred to as a Disallowed Claim. Any Claim that has been rejected, in whole or in part, by Final Order or by a final order of a court of competent jurisdiction, or that has been withdrawn, in whole or in part, by the holder thereof, is referred to as a Disallowed Claim.

What is the purpose of Form 8862?

If your earned income credit (EIC), child tax credit (CTC)/additional child tax credit (ACTC), credit for other dependents (ODC), or American opportunity credit (AOTC) was decreased or rejected for any reason other than a math or clerical mistake, fill out Form 8862 and attach it to your tax return.

What is the amount of the tax credit for each child?

The Kid Tax Benefit is a $500 tax credit for each qualified child and $2,000 for each qualifying dependant. It’s one of three federal tax credits aimed at children that are among the most efficient methods to lower your tax payment.

What does it signify if an IRS claim is denied?

Your refund claim has been partly refused if you get IRS Letter 106C. When you may file a tax refund claim, the IRS has tight guidelines. If you do not submit a refund claim within the IRS’s deadlines, you will forfeit your entitlement to a refund, and the money will become the property of the United States Treasury.

Who is eligible for EIC?

To be eligible, you must also satisfy the following three requirements: You must have spent more than half of the year in the United States. On no one’s tax return can you be claimed as a dependant or eligible kid. You must be between the ages of 25 and 65 at the conclusion of the year.

Is it possible to claim EIC from past years?

You must update your return by submitting IRS Form 1040X by the later of these dates to claim the Earned Income Credit (EIC) for the previous year: You have three years from the date of your first return to file a new return. You have two years from the day you paid the tax to file a claim.

What happened to my refund app?

IRS2Go is the IRS’s official mobile app.

Check the status of your refund, make a payment, get free tax preparation help, join up for tax tips, and more! Both English and Spanish versions of IRS2Go are available.

What is a cp74 notification, and what does it mean?

Why did you get IRS Notice CP74?

In a previous year, your Earned Income Credit (EIC) was denied. The IRS sends you CP74 to let you know that you’ve been recertified for the EIC and that you’re no longer needed to file Form 8862, Information to Claim Certain Credits After Disallowance.

What exactly does “disallowed loss” imply?

If you buy “substantially comparable” stocks or assets during the period commencing 30 days before the date of the loss sale and continuing 30 days after that date, your anticipated tax loss is disallowed. Let’s call them replacement securities for the sake of this paper.

What are tax-deductible expenses?

However, a number of expenses and losses, such as corporate income tax, penalties, capital losses on shares, interest, royalties, or service fees paid directly or indirectly to any foreign company, establishment, or individual not subject to income tax on those items, are disallowed for tax purposes.

How can I use TurboTax to file Form 8862?

What is the procedure for filling out Form 8862?

  1. Continue to open your return in TurboTax by logging in.
  2. Search for 8862 in the search box, then click the Jump to link in the search results.
  3. You’ll reach the section on the Earned Income Credit.
  4. If you answer the questions correctly, you will ultimately be offered a question. Do any of these unusual circumstances relate to you?
  5. Choose Continue, then Done.

Have they made any changes to the kid tax credit?

At the end of 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law. A new child tax credit is one of the tax reform amendments. While the credit is not technically new, the provision has been updated. It began as a tiny, nonrefundable $400 credit for each qualified kid under the age of 17.

What are the Taxable Disallowable Expenses?

Disallowable company costs are those that can’t be deducted from your profits. They may be prohibited under the Revenue Tax Act or because they are not incurred solely for the purpose of generating business income in most cases.

The “how do i file form 8862 electronically” is a question that many people have been asking. Form 8862 is filed by the IRS in order to request an extension of time to file your taxes.

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Personal Finance

Instant Money Transfers: How to Speed Up Your Financial Transactions?




People today are no longer limited to using traditional banking methods and payment options like cash or checks for their financial transactions. With digital payment options becoming increasingly popular, money transfers have become easier. However, while these solutions offer convenience, they only sometimes guarantee a speedy transaction of funds from one party to another. If you need an instant transfer solution that allows you to move your funds without any hassles quickly, keep reading. Here are some tips to help you get started with an instant money transfer:

Find a Trustworthy Money Transfer Provider

Finding a trustworthy money transfer provider is paramount in ensuring your money’s safe and efficient transfer. Start by researching different providers, particularly their reputation, customer reviews, and transaction security protocols. The team at Paysend can help you send money to the Philippines from the USA in just a matter of seconds. A reliable provider should have a robust security framework to guard against fraud and hacking attempts. Additionally, consider the speed of their service, the fees they charge, and the exchange rates they offer.

Some providers may offer attractive transfer rates but compensate with hidden charges, so read the fine print. Customer service is another important factor; a good provider will have a responsive and knowledgeable support team to promptly address any issues or concerns. Regulatory compliance is also crucial – ensure the appropriate financial authorities regulate the provider. Remember, a trustworthy provider prioritizes the security and satisfaction of its customers above all else.

Select Your Preferred Payment Method

Choosing your preferred payment method is a critical step in instant money transfers. Several payment methods are available, and the best choice often depends on one’s circumstances and preferences. The most common payment options include bank transfers, debit or credit cards, and digital wallets. Bank transfers, while reliable, may provide a different speed than some users require. Debit or credit card payments are typically faster but may carry higher fees.

Digital wallets like PayPal or Apple Pay offer speed and convenience, allowing you to transfer funds digitally without requiring bank account information. The factor to consider here is not just the convenience of the payment method but also its transaction speed, security, and associated charges. Always select a payment method that suits your needs regarding these factors.

Sign Up for an Account

Once you have selected the ideal payment method and provider, it is time to sign up for an account. Most providers will require personal information such as your name, address, email ID, and phone number, so make sure the details you provided are accurate. You might also be asked to supply additional documents, such as identification proof and bank statements, to verify your identity.

Sometimes, you may need to link your bank account with the transfer provider’s platform; read through their documentation carefully to understand what steps you need to take. Once the registration process is complete, you can access and use the money transfer service for quick transfers.

Initiate the Money Transfer

Most providers will require you to register on their platform with valid ID documents before proceeding. Enter all the necessary details correctly and accurately, including recipient information and account numbers. Additionally, make sure that you double-check the amount of money being transferred and the associated fees.


Confirm everything is correct before hitting ‘Send’ to avoid costly mistakes or delays in transfer processing. You should receive an email or text message confirming the transfer with your transaction details, including the recipient’s account information and a tracking number. You can use this tracking number to monitor the progress of your money transfer.

Complete the Money Transfer Process

This usually requires providing basic information such as the recipient’s name, address, and contact details. Depending on your provider, you may also need to specify what currency you’re sending and offer additional security authentication. Once this is done, enter the amount you wish to transfer, verify the transaction details, and approve it. After that, your money should be on its way to the recipient’s account immediately.

Some providers offer extra features such as tracking services or reminders for upcoming transfers for added security and convenience. These features can come in handy when sending payments regularly or tracking the status of a transaction. Additionally, look out for any special offers, discounts, or rewards available to loyal customers. Many money transfer providers offer these incentives as a way of showing appreciation and encouraging loyalty among their customers.

Monitor the Status of Your Transfer

Most providers will allow you to monitor the progress of your transfer in real time. Some may even send notifications via email or text message when the money reaches its destination. If you sense any delays, contact customer support for assistance. Money transfers can take a few minutes to several hours, depending on the selected payment method and recipient country.


Finally, always save all records related to your money transfers, including emails and receipts. If there are any discrepancies or disputes, you can refer to these documents for clarification. With the help of a reliable provider and modern payment methods like digital wallets, you can now easily make instant money transfers. So get started today and experience the convenience of instant money transfer services.

Receive and Verify the Transaction

Once the money has been transferred, you or the recipient should receive a notification of completion. At this point, ensuring the transaction was successful, and all details were correct is important. For security purposes, some providers may ask for additional verification from either party to avoid fraud and other malicious activities. This process could include providing a digital signature or proof of identity.

Once the verification is complete, the funds should be available in the recipient’s account almost immediately. If you have any concerns, contact customer support to get assistance or help resolve any issues. Remember that reliable providers prioritize customer satisfaction and security above all else. With these steps, you can now easily and safely transfer money with instant money transfer services.

Nowadays, it’s more important than ever to employ secure digital payment methods in your daily financial transactions. That’s why researching which providers offer the best services regarding speed, security, transaction fees, and customer support pays off. With the right provider, you can have peace of mind knowing that your money transfers will be conducted instantaneously and securely.

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Personal Finance

The Ins and Outs of Getting a Loan With Bad Credit




If financial difficulties or uninformed decisions have left you with bad credit, you may not know where to turn for a loan. While borrowing money with a low credit score may take additional research or work, it’s likely still within your reach.  

Many lenders offer bad credit loans for people who need extra cash but may not have the best credit background. Applying for a loan with bad credit may feel intimidating, but the following considerations could make the process easier.

Start by Checking Your Credit

Before you begin shopping for loans, check your credit report. Some creditors require specific scores for each loan product, even those designed for bad credit, so knowing your score saves you time.

It’s also important to check your credit report for errors that may drag your score down and limit your loan options. You can access this information from Equifax and TransUnion for free online.

Compare Your Options

While a lower credit score likely disqualifies you from some personal loans, you may still have many options. Some lenders offer loans specifically for people with low credit scores who struggle to qualify for other options.


Bad credit loans may require a deposit or other fees, have higher interest rates than other loans, or include income requirements. However, they may also offer a wide range of payment terms and options like online portals that make managing your loan easier. With some research, you could find the right fit for your circumstances.  

Whenever possible, take advantage of loan prequalification. Many lenders allow you to check your potential eligibility for a loan by providing personal and financial information. They use that to run a soft credit check, which doesn’t affect your credit score. If you pre-qualify, they’ll provide information about possible rates and terms. You could complete prequalification forms for multiple loans to help you find your best option.

Improve Your Application

Some financial decisions improve your loan eligibility. A friend or family member with better credit may agree to co-sign your loan. In that case, their financial information influences your eligibility for a loan.

Cosigners take on substantial risk. If you fail to repay your loan, your cosigner becomes responsible. Likewise, issues with the loan could hurt their credit score and put a strain on your interpersonal relationship.  


If multiple lenders have declined your applications for unsecured loans, consider a secured loan instead. Secured loans require collateral, like a deposit, car, or other property. If borrowers don’t repay their loans, lenders may seize the collateral. Lending institutions don’t take on as much risk with secured loans as unsecured loans so they may have more lenient credit requirements for borrowers.

Avoid Scams

Unfortunately, fraudulent lenders often exploit consumers who have limited loan options. Before providing a lender with any personal or financial information, ensure they’re legitimate. Otherwise, you risk having your identity stolen or paying fees for a loan you never receive.

Be wary of anyone offering guaranteed approval or soliciting your business via cold calls. Always verify loan servicers’ contact information and check their reviews on trusted third-party websites.

The Bottom Line

If you have bad credit, you could still qualify for a personal loan. Remember to check your credit score, investigate your options, and confirm a lender’s legitimacy before applying. If you still struggle to qualify, you may need a cosigner or collateral to boost your application.

By taking some extra steps, you can make getting a loan easier and safer.

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Personal Finance

Four Ways to Save on Fuel in 2023





From increasing energy bills to price hikes at online stores and supermarkets, all individuals globally feel the need to make their money to go further and do more. And there has never been a perfect time to know how to save more on fuel than now.

From getting fuel cards with great deals and driving more efficiently to using telematics and keeping your vehicle in good condition, here are different ways to save money on fuel.

Get a Fuel Card

A fuel card can provide you with more than the ability to purchase fuel from a good station. With a fuel card, you can control your business’s fuel spend by getting discounts on fuel pump rates, setting spending limitations, and increasing your cash flow – all enabling you to save a significant amount of money.

Fuel cards allow savings on fuel, which means that the price you pay is always less compared to the one indicated on the fuel pump machine. With numerous fuel cards available out there, find the right partner with excellent deals.

Use Telematics/Advanced Route Planning

Digital telematics solutions come with real-time GPS tracking as well as remote automobile diagnostics helping individuals and company owners to thoughtfully plan the most efficient routes depending on different data points. A high-quality telematics solution also integrates with route optimisation systems to plan the most efficient routes and offer turn-by-turn directions and navigations.


Well-planned routes allow automobiles to get from point C to D efficiently, significantly minimising time spent and distance covered, saving on fuel. Heavy-duty automobiles can avoid routes with steep hills. You can also re-plan a hilly route for a light and medium-duty automobile.

But as you do that, ensure the route you choose doesn’t take your drivers too far. Side-step all congested routes and those that require excessive stopping and starting or cause unnecessary idling.

Drive More Efficiently

One of the proven ways to save on fuel is to manage driver behavior. Whether you’re a driver or fleet manager, you need to keep yourself or drivers accountable for how they utilize their fuel cards.

You should also reinforce ways to conserve fuel through safety training – many of the behaviors that are taught as techniques of safe driving, such as driving more efficiently. Most businesses and individuals use telematics to control driver behavior, such as harsh accelerating or braking, to maximize return on investment by minimizing fuel spend.

Keep Your Vehicle in Good Condition

If you keep your automobile in excellent condition by servicing it in line with the guidelines of the manufacturer, it’ll help you save on fuel costs. Fix any faults quickly to make sure your vehicle is operating efficiently.


When you keep your car in excellent condition, you’ll enjoy numerous benefits, saving fuel being one of them. A vehicle that isn’t serviced based on the guidelines of the manufacturer can increase the consumption of fuel by approximately 50%.

Integrate these four ways into your automobile’s daily activities, and you’ll be able to save on fuel.

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