Where’s my $65,000 tax refund?
Taxes Thursday, June 2nd, 2011
By Blake Ellis, CNNMoney.com
NEW YORK (CNNMoney) — Tina and Kenny Thomas filed their taxes in February and are still waiting for their refund.
The Thomases are expecting a whopping $65,000 check from the IRS this year, thanks to the adoption tax credit they claimed after adopting five special needs children from foster care over the past few years.
The refund was supposed to arrive on May 3, according to the “where’s my refund?” tool on the IRS website. They’re still waiting for a check.
The family is buying a home in foreclosure for $55,000 and agreed to pay cash with their refund. But the check didn’t arrive by their closing date. They’ve already extended the closing date once, but if they don’t get the money by June 13, they may lose the house.
“We are frustrated because [the IRS] knows they owe it,” said Tina. “If we owed them, they would be charging us hundreds of dollars in interest. It’s a lot of money so it seems like they’re trying to prolong it as much as possible.”
While the couple finally received about $5,000 — the portion of their refund that doesn’t include the adoption credit — they have yet to see the bulk of the money.
To read more, visit: http://money.cnn.com/2011/06/02/pf/taxes/adoption_tax_credit_refund_delay/?section=money_latest
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They aren’t the only ones. We are supposed to get 32,000. We adopted two older, special needs kids. We got an initial check of 10,000 our regular tax refund, but the adoption credit has been a royal pain. The IRS now has two copies of all necessary paperwork, and guess what, we were told it would be another 60-90 days, which would put it conveniently past the start of the fiscal year.