As tax season unfolds, many individuals ponder the pressing question: when will my tax refund arrive? This inquiry becomes particularly significant for those who file early. The Internal Revenue Service (IRS) has established certain timelines that can assist taxpayers in anticipating their refunds. Understanding these timelines is essential for effective financial planning.
This year, tax season commenced on January 26, with a filing deadline set for April 15. Familiarizing yourself with these dates can help you strategize your filing process, whether you opt for electronic submission or a paper return.
How long will it take to receive my refund?
The timeline for receiving your tax refund largely depends on your method of filing. If you choose to file electronically, you can typically expect your refund to be processed within 21 days. In contrast, if you submit your return by mail, the waiting period can extend to at least six weeks. Moreover, if your return requires additional scrutiny or corrections, processing times may be further delayed.
Using the IRS refund status tool
The IRS provides an online tool to check the status of your refund, simplifying the process. You will need to input your Social Security number or individual taxpayer ID number, the tax year in question, your filing status, and the expected refund amount. Refund statuses can be tracked at various points:
- 24 hours after e-filing a current year return.
- 3 to 4 days after e-filing a return from a prior year.
- 4 weeks after mailing a paper return.
The IRS updates this tool daily, allowing you to monitor your refund’s journey. The possible statuses include:
- Return Received: Your submission is being processed by the IRS.
- Refund Approved: The IRS has confirmed your refund and is preparing to issue it.
- Refund Sent: Your refund has been dispatched, either to your selected bank account or via mail.
How to receive your refund
When filing your taxes, you can choose how your refund will be delivered. The most efficient method is through direct deposit, which ensures that funds are transferred directly into your checking, savings, or retirement account. You can even split your refund among up to three different accounts.
Choosing the right refund method
If you prefer to receive a paper check, it will be mailed to the address on your tax return. It’s essential to inform the IRS of any address changes to prevent delivery issues. Additionally, some financial institutions allow your refund to be sent to a reloadable debit card or a mobile payment application.
For those without a bank account, options remain available. You can quickly open an account at an FDIC-insured bank or a credit union. Alternatively, some prepaid cards and mobile apps offer routing and account numbers that can accept direct deposits.
What if you want to split your refund?
As many taxpayers anticipate larger refunds this year, splitting your refund can be an effective strategy for managing finances. You can allocate portions of your refund for immediate needs and savings. If you’re using tax software, you can easily set this up electronically or complete IRS Form 8888 if filing a paper return.
Bear in mind, your refund can only be deposited into accounts that are in your name or jointly held with your spouse. The IRS permits no more than three electronic refunds to a single financial account.
Tracking your refund status
This year, tax season commenced on January 26, with a filing deadline set for April 15. Familiarizing yourself with these dates can help you strategize your filing process, whether you opt for electronic submission or a paper return.0
This year, tax season commenced on January 26, with a filing deadline set for April 15. Familiarizing yourself with these dates can help you strategize your filing process, whether you opt for electronic submission or a paper return.1