02/18/2024
Eᴀʀʟʏ ꜰɪʟᴇʀs ᴄᴀɴ ᴘʀᴏᴛᴇᴄᴛ ᴛʜᴇɪʀ ʀᴇꜰᴜɴᴅs ꜰʀᴏᴍ ɪᴅᴇɴᴛɪᴛʏ ᴛʜɪᴇᴠᴇs.
There you are, you feel good about wrapping up your tax return, and then you click submit . . . bam! Rejected. What just happened? Someone using your Social Security number already filed a tax return, and your heart sinks into your stomach as you realize you’re now a victim of tax refund fraud.
And it happens more often than you think. Between 2015 and 2019, the IRS stopped online tax fraudsters from stealing $26 billion through identity theft tax refund fraud.7 And while the IRS was able to thwart most of those robbery attempts, billions still ended up in the hands of these thieves.
Filing early may not completely get rid of the threat of identity theft, but it can protect your refund. If thieves file a return using your Social Security number before you do, the IRS will kick out your return since their records show you’ve already been paid. And if that happens, it can take months to clear up the mess with the IRS and finally receive your refund.
