If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in less than three weeks, even faster when you choose direct deposit.
Why is my tax refund taking so long?
- You made an error on your return
- You are claiming the earned income tax credit (EITC) or additional child tax credit.
- Your return is affected by fraud or identity theft
- You filed a paper tax return
When can I expect my refund 2021?
Overall, the IRS anticipates most taxpayers will receive their refund within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax return.
How long does it take to get your tax refund direct deposit?
To make the refund process even faster, file your taxes electronically and select direct deposit for the refund. The IRS says nine out of 10 refunds are issued in less than 21 days when the entire process is done electronically. 6
Why are 2021 refunds taking so long?
What’s Taking So Long? If you don’t receive your refund in 21 days, your tax return might need further review. This may happen if your return was incomplete or incorrect. You may also experience delays if you claimed the Earned Income Tax Credit or the Additional Child Tax Credit.
Are tax refunds delayed 2021?
That means 2021 tax refunds are likely to be delayed; usually electronic refunds come three weeks after filing, a week faster than ones for paper returns. Based on last year’s experience, getting answers from the IRS will be even harder than usual, too. 1
Why is my refund taking so long?
Some tax returns take longer to process than others for many reasons, including when a return: Includes errors, such as incorrect Recovery Rebate Credit. Includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit.
Why haven’t I received my federal tax refund?
If you haven’t received your tax refund after at least 21 days of filing online or six weeks of mailing your paper return, go to a local IRS office or call the federal agency (check out our list of IRS phone numbers that could get you help faster).
When can I expect my 2020 tax refund?
When to Expect Your Refund Refunds are generally issued within 21 days of when you electronically filed your tax return or 42 days of when you filed paper returns.
How soon will tax refunds be issued 2022?
Although the IRS says most refunds will be sent within 21 days, experts warn that delays are likely, noting that the agency is still working through 2020 tax returns. 2
Can I sue the IRS for my refund?
Generally, if you fully paid the tax and the IRS denies your tax refund claim, or if the IRS takes no action on the claim within six months, then you may file a refund suit. You can file a suit in a United States District Court or the United States Court of Federal Claims.
How long after return is accepted is it approved?
It can take up to 21 calendar days after acceptance for the IRS to issue your refund, although most refunds go more quickly than that, while a small handful may take a bit longer. Start tracking your federal refund at the IRS Where’s My Refund site.
How much do you get back in taxes for a child 2022?
For tax year 2022, the child tax payment reverts to $2,000 per qualifying child per year. In addition, this year the age of eligibility is extended to age 17. 3
Here’s how long it will take to get your tax refund in 2022
Three-quarters of all Americans receive a yearly tax return from the Internal Revenue Service, which is generally the largest check a family receives throughout the year. However, with 2018 tax season now underway, taxpayers may experience a replay of last year’s processing backlog, which resulted in around 30 million taxpayers having their forms — and refunds — held up by the IRS. Treasury Department officials cautioned on Monday that the upcoming tax season will be difficult, with the Internal Revenue Service (IRS) beginning to process returns on January 24.
As of December 31, the IRS had a backlog of 6 million unprocessed individual tax returns, a considerable decline from a backlog of 30 million in May, but a big increase from the 1 million unprocessed returns that are more normal at the start of tax season at this time.
People who claim the Earned Income Tax Credit or the Child Tax Credit will have their tax returns processed more slowly as a result of regulations designed to prevent fraud.
Furthermore, there are additional difficulties that might cause your return to be delayed, such as math mistakes or improperly reporting the amount of money you got from the advanced Child Tax Credit instalments.
- However, it is possible that some taxpayers may mistakenly declare the incorrect amount on their tax returns this year — and that this will happen through no fault of their own.
- The Internal Revenue Service (IRS) is requesting that people refer to the letter while completing their tax return.
- This could result in a delay in the taxpayer’s return being processed and their refund being mailed to them, according to Larry Gray, a CPA and government relations liaison for the National Association of Tax Professionals.
- “People may not know the letter might be incorrect, and what is the IRS doing to send out a follow-up message to prevent generating a worse backlog in the following season?” he added.
It’s crucial to remember that processing times normally slow down when tax season gets begun and the IRS receives a greater volume of returns, according to the IRS.
In the meanwhile, tax experts say there are several things people can take to assist secure a timely tax refund, which is especially crucial this year given the IRS’s large backlog of refund requests. Following the release of a report to Congress on Wednesday, the National Taxpayer Advocate Erin M. Collins expressed “grave worry” about the next filing season, citing the backlog of tax returns, among other difficulties. In order to prepare a dinner, Mark W. Everson, vice chairman of Alliantgroup and former Commissioner of the Internal Revenue Service, explained that “the first thing you need to know is that the kitchen must be clean after the previous meal.” “It simply snowballs into a really bad scenario from there.” Collins’ report, which characterized an agency in crisis, stated that delays in processing tax returns are one of the most critical issues facing the agency.
“Weeks and weeks” of IRS delays
Although the IRS claims that the vast majority of refunds would be processed within 21 days, experts caution that delays are probable due to the fact that the agency is currently processing tax returns for the 2020 tax year. Following a record-breaking fiscal year, the Internal Revenue Service processed more than 240 million tax returns and issued almost $736 billion in refunds, which included $268 billion in federal stimulus payments, according to the most recent IRS statistics. Approximately 60 million individuals contacted or visited an IRS office during that time period.
- “File early in 2022, get started tomorrow, and attempt to put your taxes together with the assistance of a knowledgeable expert,” says the author.
- According to Collins, the Internal Revenue Service answered just around one out of every nine taxpayer calls during fiscal year 2021.
- “In the olden days, you’d have to wait 5-10 minutes before getting a hold of an IRS agent,” said Christian Cyr, a CPA and president and chief investment officer of Cyr Financial, a financial services firm.
- It takes a lot of effort to ensure a successful tax filing process, especially considering that the average refund last year was around $2,800.
- This is a measure that the Internal Revenue Service strongly recommends this year.
- This is due to the fact that the IRS depends on computers to electronically process submitted returns, whereas paper returns must be processed by human personnel at the time of filing.
Even if one ignores the stresses on employees caused by the epidemic, the IRS’s personnel has not kept pace with population growth.
That implies fewer employees will be required to handle a higher number of returns.
Tax professionals encourage people to join the approximately 138 million taxpayers who have already opted to file their returns electronically.
Request a refund by direct deposit.
According to the agency, the quickest method to receive your money is to employ a combination of e-filing and direct deposit, which transfers the funds directly into your bank account.
According to the IRS, the vast majority of taxpayers who file electronically and choose direct deposit will get their refunds within 21 days, providing there are no difficulties with the return itself.
Don’t make educated guesses.
Any discrepancies are identified for manual review by an employee.
Once this occurs, it is probable that your tax return may be delayed for many weeks or perhaps months.
According to Cyr, relying on “word of mouth or the honor system” while completing your tax return is not a good idea.
In 2021, these letters will tell each taxpayer of the amount of money they got via these programs — these are vital papers to keep on hand since you’ll be referring to the figures in these letters when completing your tax return in the future.
“Make sure you don’t have any difficulties that are the result of your own carelessness,” Everson suggested.
However, because some CTC letters were issued to taxpayers in error, the Internal Revenue Service is asking them to double-check how much they got by entering into their accounts at IRS.gov. The Internal Revenue Service will issue two letters:
- In spite of the IRS’s assurances that most refunds will be sent within 21 days, experts caution that delays are probable due to the agency’s ongoing work on tax returns for 2019. According to the most recent IRS figures, the IRS processed more than 240 million tax returns and issued approximately $736 billion in refunds for the 2020 fiscal year, including $268 billion in government stimulus payments. Approximately 60 million people made phone calls or visited an IRS office during that time period. Donald Williamson, an accounting and taxes professor at American University in Washington, predicted that the IRS will be delayed for “weeks and weeks” in 2022. For the year 2022, my recommendation is to file early, begin immediately, and attempt to put your taxes together with the assistance of a knowledgeable expert.” Tax preparers have informed CBS MoneyWatch that it is still difficult to get in touch with IRS officials over the phone, which adds to the difficulty. For the fiscal year 2021, according to Collins, the IRS responded just around one out of every nine taxpayer phone calls. It was pointed out to her that “a large number of taxpayers are dissatisfied because they are not receiving answers to their queries.” The IRS used to respond to phone calls within 5-10 minutes, according to Christian Cyr, a certified public accountant and president and chief investment officer at Cyr Financial. “Back in the day, you’d have to wait 5-10 minutes to get an IRS representative on the phone,” Cyr said. According to him, his CPAs are now forced to queue up for hours in order to talk with an IRS employee, with no assurance that they will ever speak with someone. Because the average refund last year was around $2,800, ensuring a flawless tax filing process has a lot at stake. Tax professionals and the Internal Revenue Service provide advice on how to receive a tax refund within 21 days after completing your return. 1. Make a digital submission. 2. This is something that the Internal Revenue Service highly recommends this year. The IRS claims that taxpayers who file online are more likely to have their returns completed more promptly than those who submit on paper. Although some individuals prefer to file on paper, others may be forced to do so. This is due to the fact that the IRS depends on computers to electronically process submitted returns, whereas paper returns must be processed by human personnel at the time of submission. Initial reports indicated that the Internal Revenue Service (IRS) closed its offices and personnel stopped reading mail, causing the processing of paper tax returns to be delayed. The IRS’s workforce hasn’t kept up with population increase, even after adjusting for employee stress caused by the epidemic. A 60 percent increase in population has not changed the size of the agency’s employees since it was established in 1970. Thus, less staff will be required to deal with an increased amount of returns. Taxpayer Advocate Service records show that around 10 million paper returns were filed last year, accounting for approximately 7 percent of the total 148 million forms filed in 2021. Approximately 138 million taxpayers now use e-filing, according to tax specialists, and more should do so. According to National Taxpayer Advocate Collins, “Paper is the IRS’s Kryptonite, and the agency continues to be buried in it.” Receive your reimbursement by direct transfer in the following manner: As a final recommendation, the IRS suggests that people set up a direct deposit account to receive their refunds. According to the agency, the quickest method to receive your money is to use a combination of e-filing and direct deposit, which transfers the money directly to your bank account once you submit your application. Last year, around 95 million individuals got refunds, with approximately 87 million of them electing to have their monies deposited directly into their accounts. Assuming there are no issues with the return, the IRS estimates that the majority of taxpayers who file electronically and choose direct deposit will get their refund within 21 days. Make no assumptions about the outcome. The Internal Revenue Service compares its statistics to the information provided by taxpayers on their tax filings. Any discrepancies are identified for manual inspection by an employee. For example, if your W2 shows that you made $60,000 but you put on your tax return that you earned $58,000, the return is detected. Once this occurs, it is probable that your tax return may be delayed by many weeks or perhaps months. To ensure that data is reported correctly, tax professionals encourage consumers to thoroughly review their tax forms. The use of “word of mouth or the honor system” to complete your tax return is discouraged, according to Cyr. This will, I assure you, result in a backlog. In a similar vein, the IRS is issuing letters this month to individuals who will get the third federal stimulus check in 2021, as well as the advancedChild Tax Credit installments, which are both scheduled to be paid in 2021. These letters will tell each taxpayer of the amount of money they got via these programs in 2021 — these are vital papers to keep on hand since you will need to refer to those numbers when completing your tax return in the following year, if you qualify. It was taxpayers’ inaccuracies in declaring their 2020 stimulus payment amounts on their tax returns that caused their tax files to be highlighted for manual examination in 2021, which was a significant contributor to the backlog of tax returns that year. As Everson cautioned, “avoid having any difficulties that are the result of your own carelessness.” Because some taxpayers got inaccurate CTC letters, the Internal Revenue Service (IRS) is asking them to double-check how much they received by entering into their accounts on IRS.gov. The IRS will issue two letters: the first will be sent to the taxpayer, and the second will be addressed to the taxpayer’s employer.
According to tax professionals, you should keep both of these letters and refer to them while completing your tax return.
You may face a delay if you claim these tax credits
Even if you follow all of the instructions to the letter, there are a few of difficulties that might cause delays. In addition, the IRS states that it will not be able to provide refunds including the Earned Income Tax Credit (EITC) or the Child Tax Credit until mid-February. As the Internal Revenue Service (IRS) said last week, “the legislation affords this additional time to assist it in preventing false refunds from being paid.” That implies that even if you file your tax return as soon as possible on January 24, you may still not get a refund within the required 21-day period if your tax return includes either of those tax credits.
A 2015 rule that slows refunds for persons who claim these credits was enacted as a countermeasure to fraudsters who use identity theft to steal taxpayers’ money, and it is the cause for the delay.
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Tax Refund Schedule 2021: How Long It Takes To Get Your Tax Refund
We at Bankrate are dedicated to assisting you in making more informed financial decisions. Despite the fact that we adhere to stringent guidelines, this post may include references to items offered by our partners. Here’s what you need to know about According to the IRS, more than 90 percent of tax refunds are given in fewer than 21 days after the refund request is received. While the precise date of obtaining your refund is dependent on a variety of circumstances, it is possible that the procedure will take longer in some situations.
You should be aware of the following information if you want to forecast how long you will have to wait for your refund:
How long will my tax refund take?
The Internal Revenue Service (IRS) distributes over nine out of ten refunds to taxpayers in less than three weeks. Unfortunately, the arrival of your tax return within 21 days is not guaranteed. There are a variety of factors that might influence the length of time it takes for you to get your tax return, including the choices you make when you file. You have the option of selecting the method through which you will receive any refund the IRS owes you. Here are some alternatives for you:
- Return of funds by direct deposit into your bank account (this is the quickest method of receiving your refund)
- Mailing a paper check is a common practice. The refund will be credited to the debit card on file. Purchase up to $5,000 worth of United States Savings Bonds
- Divide your return across up to three different financial accounts in your name, such as a regular IRA, a Roth IRA, or a SEP-IRA
Depending on whatever delivery method you select for your tax refund, the amount of time it takes for you to receive your payments may vary. According to the Internal Revenue Service, combining the direct deposit option with an electronically filed tax return is the most efficient way to get your refund.
Tax refund process
Based on your filing and delivery preferences, the table below provides an anticipated breakdown of how soon you could expect to receive your tax return.
|Delivery type||Delivery time (date filed – receipt of tax refund)|
|E-file with direct deposit||1-3 weeks|
|Paper file with direct deposit||3 weeks|
|E-file with refund check in the mail||6-8 weeks|
|Paper file with refund check in the mail||6-8 weeks|
2021 IRS refund schedule chart
The Internal Revenue Service has not specified an exact date when it would begin accepting tax returns in 2022 for the tax year 2021. An example of the schedule from earlier in 2021 is shown below (the 2020 tax year).
|Date taxes accepted||Direct deposit sent||Paper check mailed|
|Jan. 25 – Jan. 30||Feb. 12||Feb. 19|
|Jan. 31 – Feb. 6||Feb. 19||Feb. 26|
|Feb. 7 – Feb. 13||Feb. 26||March 5|
|Feb. 14 – Feb. 20||March 5||March 12|
|Feb. 21 – Feb. 27||March 12||March 19|
|Feb. 28 – March 6||March 19||March 26|
|March 7 – March 13||March 26||April 2|
|March 14 – March 20||April 2||April 9|
|March 21 – March 27||April 9||April 16|
|March 28 – April 3||April 16||April 23|
|April 4 – April 10||April 23||April 30|
|April 11 – April 17||April 30||May 7|
|April 18 – April 24||May 7||May 14|
|April 25 – May 1||May 14||May 21|
|May 2 – May 8||May 21||May 28|
|May 9 – May 15||May 28||June 4|
|May 16 – May 22||June 4||June 11|
|May 23 – May 29||June 11||June 18|
|May 30 – June 5||June 18||June 25|
|June 6 – June 12||June 25||July 2|
|June 13 – June 19||July 2||July 9|
|June 20 – June 26||July 9||July 16|
|June 27 – July 3||July 16||July 23|
|July 4 – July 10||July 23||July 30|
|July 11 – July 17||July 30||Aug. 6|
|July 18 – July 24||Aug. 6||Aug. 13|
|July 25 – July 31||Aug. 13||Aug. 20|
Other factors that could affect the timing of your refund
There are a number of other causes that might delay the processing of your tax refund, including mistakes, incomplete tax filings, and fraud. Due to unique IRS restrictions, taxpayers who claim the earned income tax credit (EITC) or the extra child tax credit (ACTC) may have further delays in receiving their refunds until February 27th. If the Internal Revenue Service concludes that your tax return requires additional scrutiny, you can anticipate a lengthier wait time for your refund. According to the IRS, refunds for returns that contain problems or that require special treatment might take up to four months to process.
Delays can also occur when the IRS detects that a return is the result of identity theft or fraud.
A delay in answering can lengthen the time it takes for your refund to be processed.
How to track the progress of your refund
The Internal Revenue Service (IRS) has reduced the guessing associated with waiting for your tax refund by developing IRS2Go, an app that allows you to follow the progress of your return. Also available is the “Where’s My Refund?” web site, which allows you to track the progress of your refund. 24 hours after an e-filed return is received by the IRS, or four weeks after a paper return is received by the IRS, both technologies deliver individualized daily updates to taxpayers. It is possible to watch your refund’s journey through three phases after submitting some basic information (such as your Social Security number or ITIN, your filing status, and the precise amount of your return).
What to do once your refund arrives
According to the Internal Revenue Service, for many Americans, their IRS tax return is the largest check they get all year. It’s a good idea to have a strategy for how you’re going to spend your windfall in advance of receiving it. Making a decision on how you will spend, save, or invest the money ahead of time might help you avoid succumbing to the purchasing desire when it strikes. Your return is yours to spend as you see fit, and it may be used to help pay for day-to-day expenditures or invested to provide long-term financial security for yourself and your family.
You should put your refund money to good use if you anticipate to get one. Are you looking for some inspiration? Bankrate shares five suggestions for putting your tax refund to good use.
- What happened to my refund? How to track the status of your tax refund
- This was the average tax refund received during the previous filing season. These nine states do not levy an income tax.
Credit expert Michelle Lambright Black has more than 19 years of expertise. She is also a published freelance writer and a credentialed credit expert witness. Michelle’s writing has appeared in a variety of publications, including FICO, Experian, Forbes, U.S. News & World Report, Reader’s Digest, and others. She now writes for Bankrate. Senior editorial director was in charge of editing. LourdMurray’s senior wealth manager reviewed the document.
Where’s My Tax Refund? The IRS Refund Timetable Explained
It has been updated for Tax Year 2021 / January 30, 2022 at 3:34 PM (EDT). OVERVIEW What occurs when you click on the green button to send your tax return is as follows. Remember that filing your tax return electronically and selecting direct deposit is the fastest method to get your refund. Subscribe: Apple Podcasts|Spotify|iHeartRadio are examples of podcasting services. The Most Important Takeaways When you file your return electronically, it normally takes between 24 and 48 hours for the IRS to accept your submission.
The Internal Revenue Service usually issues refunds in fewer than 21 days.
To check on the status of your refund, use the IRS’s Here’s My Refund?tool or contact the IRS at 800-829-1954 starting 24 hours after you e-file your return.
“Where’s my tax refund?”
Have you ever wondered what occurs between the time you file your tax return and the time you receive your refund? When you click on the green button to send your tax return, here’s what happens in reality.
- Following that, we “stamp” the return with an electronic postmark before sending it to the government. Afterwards, we both have to wait between 24 and 48 hours for the IRS to receive your tax return. What exactly are they up to? They are double-checking your personal information to ensure that it corresponds to their own records. If everything appears to be in order, the IRS will approve your return.
Once you have been accepted, you will be placed on the IRS payment schedule. Only the Internal Revenue Service (IRS) is aware of the current status of your tax return, including whether you owe taxes or are expecting a refund. Taxpayers received more than 9 out of 10 refunds from the IRS in fewer than 21 days last year, a significant increase from previous years. In 2021, the same outcomes are predicted to be achieved. TurboTax Tip: You may check on the status of your return by using the IRSWhere’s My Refund?tool or by calling the IRS at 800-829-1954, starting 24 hours after you e-file.
Once you have e-filed your tax return, you may check the status of your refund in a variety of ways, including:
- You can make advantage of the IRSW. Here’s a link to the My Refund?tool (which is the fastest choice)
- Call the Internal Revenue Service at 800-829-1954.
Based on the processing of your tax return, the refund information you receive will be customized for you by the tool. They will notify you of an actual refund date as soon as the Internal Revenue Service reviews your tax return and accepts your refund application.
The vast majority of refunds will be processed in less than 21 days. Within 24 hours of e-filing your return, you should be able to begin checking on the progress of your refund. Keep in mind that e-filing and selecting direct deposit are the fastest ways to get your refund.
All you need to know is yourself
Provide straightforward answers to a few easy questions about your life, and TurboTax Free Edition will take care of the rest. Simple tax returns are all that are required.
How Long Does It Take to Get a Tax Refund?
You may only breathe a sigh of relief once you’ve completed the time-consuming and stressful process of completing your tax returns. This is due to the fact that you’ll most likely be thinking, “How long does it take to collect a tax refund?” You may, however, be dissatisfied with the IRS processing periods, regardless of how eager you are to get your refund check from your federal income tax return. You should know how long it will take to get your federal tax return so that you can factor it into your budgeting for the year.
How Long Will My Tax Refund Take?
The manner in which you file your tax return will have a significant impact on when you get your refund. To get your refund by direct deposit, the most expedient method is to e-file your return and have it processed electronically. The vast majority of taxpayers who choose this option will receive their refunds within 21 days of filing their 2021 taxes, which will be filed in 2022, according to the IRS. The IRS will approve your tax return on April 15th, which means your refund will be in your bank account within three weeks of that date.
If you file a paper return or if you choose to get your refund in the form of a paper check, it will take longer for your return to be processed.
So if you’re tempted to wait about wondering, “How long does it take to obtain a tax refund?” you might want to consider e-filing or, at the very least, direct deposit to avoid the hassle.
|Federal Tax Refund Schedule|
|Filing Method||E-File, Direct Deposit||Paper File, Direct Deposit||E-File, Check in Mail||Paper File, Check in Mail|
|Time from the day you file until you receive your refund*||1-3 weeks||3 weeks||1 month||2 months|
*Please keep in mind that these are only suggestions. For the most part, depending on how you file, you should be able to anticipate to get your refund within these time frames. The following is a thorough summary of when taxpayers got their return in 2021 for your convenience:
|2021 IRS Refund Schedule|
|Taxes Accepted||Direct Deposit||Paper Check|
|Week of February 13||February 26||March 5|
|Week of February 20||March 5||March 12|
|Week of February 27||March 12||March 19|
|Week of March 6||March 19||March 26|
|Week of March 13||March 26||April 2|
|Week of March 20||April 2||April 9|
|Week of March 27||April 9||April 16|
|Week of April 3||April 16||April 23|
|Week of April 10||April 23||April 30|
|Week of April 17||April 30||May 7|
|Week of April 24||May 7||May 14|
|Week of May 1||May 14||May 21|
|Week of May 8||May 21||May 28|
|Week of May 15||May 28||June 4|
|Week of May 22||June 4||June 11|
|Week of May 29||June 11||June 18|
|Week of June 5||June 18||June 25|
|Week of June 12||June 25||July 2|
|Week of June 19||July 2||July 9|
|Week of June 26||July 9||July 16|
|Week of July 3||July 16||July 23|
|Week of July 10||July 23||July 30|
|Week of July 17||July 30||August 6|
|Week of July 24||August 6||August 13|
|Week of July 31||August 13||August 20|
Tax Returns That Include the EITC or ACTC
If you filed a claim for the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), you may have to wait a little longer for your refund to be processed. The Internal Revenue Service is required by law to retain refunds from these returns until February 15. According to the Internal Revenue Service, you shouldn’t anticipate your refund to arrive in your bank account until late February. Returns that are not processed by direct deposit, as well as those that have difficulties with them, will take more time to process.
How to Check Your Tax Refund Status
“How long does it take to collect a tax refund?” is something you could be wondering about on a regular basis. Use the IRS website’s Where’s My Return? feature to find out where your federal tax refund is in the process of being sent to you. In addition, the IRS2Go smartphone app provides access to the same tool. If you file your return online, the status of your return will normally be known within 24 hours.
For paper returns, it will take at least four weeks before you will be able to check on the progress of your submission. In order to determine the status of your return, you’ll need three pieces of information:
- It is your Social Security Number (SSN). What is the current status of your filing? What the actual monetary amount of your anticipated return will be
If you submitted a tax return for the Earned Income Tax Credit or the American Opportunity Tax Credit, the IRS says you may anticipate your refund status to change by late February.
The manner in which and when you file your tax return will determine how long it will take you to get your tax refund. The quickest approach to obtain your refund is to e-file your return and arrange to have your refund deposited into your account by direct deposit. The IRS has said that, for the tax year 2021, the great majority of e-filers (who also use direct deposit for refunds) would get their refunds within 21 days of filing their taxes online. Sending a paper return or obtaining your refund in the form of a paper check might cause the procedure to take months longer than it should.
This is due to the fact that the vast majority of taxpayers file their returns during those hours.
Tips for Getting Through Tax Season
- In the grand scheme of things, taxes are only one part of your financial situation. A financial advisor can assist you in planning your retirement, estate, and tax strategies in order to achieve all of your financial objectives. Your financial advisor matches you with up to three other financial advisors in your area using SmartAsset’s free tool, and you can interview your advisor matches at no cost to determine which one is the best fit for you. If you’re ready to find a financial advisor who can assist you in achieving your financial objectives, get started right away. Remember to take into consideration all of your filing alternatives if you still have to do taxes this year! H R Block and TurboTax are two of the leading tax-filing services in the United States. Both are simple to use and include step-by-step instructions to assist you in maximizing your return. For an in-depth comparison of TurboTax and H R Block, visit SmartAsset. When it comes to processing tax returns, each state has its unique system in place. Depending on your state, you may receive your refund within a couple of days, whereas other states may take several weeks or months to process your refund. Learn how to verify the status of your state tax refund. In the event that you are reliant on your tax refund to make ends meet, you may be able to make some adjustments to your tax withholdings. If you claim more or fewer allowances on your W-4, it will have an impact on how much tax your employer withholds from your paycheck. Taxes withheld at a lower rate will result in greater take-home income. Even if you receive a large refund when filing your taxes, there may be room for you to increase your allowances.
iStock.com/fstop123, iStock.com/Eva-Katalin, and iStock.com/alex skp are credited with the images. Derek Silva, CEPF® (Certified Environmental Professional). Derrick Silva is on a mission to make personal finance more accessible to the general public. He contributes to SmartAsset by writing on a number of personal financial subjects and serving as a retirement and credit card specialist. A member of the Society for Advancing Business Editing and Writing, Derek also has the title of Certified Educator in Personal Finance® (CEPF®) and is an expert in personal finance.
Derek wants readers to take away from his work the following message: “Don’t forget that money is only a tool to help you achieve your objectives and live the lifestyle you choose.”
2021 IRS Tax Refund Schedule: When Will I Get My Tax Refund?
Tax season is dreaded by many individuals. You may, on the other hand, have something to look forward to if you are anticipating a tax refund. The IRS may be able to help you pay off some debt, construct an emergency fund using a high-interest savings account, or work with an investment and retirement counselor to set investing and retirement objectives if you have additional money coming your way. However, depending on how you file your taxes and how you receive your return, it may take up to three weeks for the majority of individuals to receive their tax refund.
When Will I Get My Tax Refund?
The Where’s My Return? function, available on the IRS website and the IRS2Go mobile app, allows you to check the status of your refund online. If you file your tax return online, you will be able to check on the status of your refund within 24 hours of submitting it. While mailing your tax return will expedite the process, you will have to wait at least four weeks before receiving any information on your tax refund. Remember that you may normally submit your taxes in January if you plan beforehand.
If you inadvertently input the erroneous Social Security number, you may receive an IRS Error Code 9001.
The majority of people get their refunds within 21 days after filing their tax returns.
Depending on how quickly you seek a refund, you may have to wait several weeks for your check to arrive. When you file your tax return, the chart below will give you an indication of how long you will have to wait before receiving your refund.
|Estimated Federal Tax Refund Schedule|
|Filing Method||E-File, Direct Deposit||Paper File, Direct Deposit||E-File, Check in Mail||Paper File, Check in Mail|
|Time from the day you file until you receive your refund||1-3 weeks||3 weeks||1 month||2 months|
Please keep in mind that these are only estimates. For the most part, depending on how you file, you should be able to anticipate to get your refund within these time frames. According to IRS statistics, filers typically get their refunds two weeks after their taxes have been accepted by the IRS for direct deposit and three weeks after e-filing for a paper check in the mail. What exactly is taking so long? If you have not received your refund within 21 days, it is possible that your tax return needs to be reviewed again.
- If the Internal Revenue Service (IRS) need extra information in order to process your return, it may send you instructions by mail.
- Tax returns filed by anyone who claimed those credits must be held by the Internal Revenue Service until February 15, according to the Protecting Americans from Tax Hikes (PATH) Act of 2015.
- tool and claiming one of those tax benefits may result in a PATH Act notification appearing on your screen.
- You should avoid contacting the IRS directly unless you were advised to do so by the Where’s My Refund?
What About My State Tax Refund?
Please keep in mind that these are only educated guesses! Most filers may anticipate to get their refunds within these time limits, depending on how they filed their claim. According to IRS statistics, filers typically get their refunds two weeks after their taxes have been accepted by the IRS for direct deposits and three weeks after e-filing for a paper check in the mail. What exactly is the hold-up? If you have not received your refund within 21 days, it is possible that your tax return may need to be reviewed again by an accountant.
If the IRS need extra information from you in order to process your return, it may give you instructions by mail.
Tax returns filed by anyone who claimed such credits must be held by the Internal Revenue Service until February 15, as mandated by the Protecting Americans from Tax Hikes (PATH) Act of 2015.
service if any of those tax benefits was claimed by you.
You should avoid contacting the IRS directly unless you were advised to do so by the Where’s My Refund? feature or it has been 21 days since you filed your tax return electronically–or six weeks since you sent your paper tax return–and you have not received your refund yet.
When Are Taxes Due?
The deadline to file your tax return and pay your tax bill is usually April 15th of each year. However, because of a legal holiday in Washington, D.C., taxes for the year 2021 must be submitted by April 18, 2022. Residents of Massachusetts and Maine have until April 19, 2022, to file a lawsuit against the state. If you find yourself still unable to make the tax filing due for the upcoming year, you can request for a six-month extension of the deadline. However, the sooner you file your tax return, the sooner you will receive your tax refund.
It is essential that you complete your tax return as soon as possible, review it for errors before submitting it, and file your tax return electronically if you want to get your refund as promptly as possible. You can request a paper check, but if your return is transferred immediately into your checking account, savings account, or individual retirement plan, you will get it much more quickly (IRA). In case you’re concerned about the status of your tax return, don’t forget to utilize the IRS Where’s My Refund?
It gives you up-to-the-minute information on the progress of your return.
Tips for Maximizing Your Tax Savings
- Finding a quality financial advisor does not have to be a difficult endeavor. Your financial adviser links you with up to three other financial advisors in your region using SmartAsset’s free service, and you may interview your advisor matches at no cost to determine which one is the best fit for you. If you’re ready to locate a financial adviser who can assist you in achieving your financial objectives, get started right away. When it comes to paying your taxes, using a tax filing service may make the process much simpler. They may relieve you of a lot of the stress and uncertainty associated with the procedure, allowing you to complete a more accurate tax return. They can also assist you in discovering tax deductions or exemptions that you may not have been aware of on your own. Among the most popular software options are Tax preparation services such as TurboTax and H R Block
- If you discover that you are receiving substantial tax refunds on a frequent basis, it is possible that you are paying too much in taxes in the first place. If this is the case, you may wish to make adjustments to the withholding amounts on your W-4 so that you may retain more money over the whole year. Even if large returns are thrilling, why give the IRS a free loan?
Photography by Juan Monino, Baltic Boy, and Anya Berkut (iStock.com/Juanmonino), with permission. Lauren Perez, CEPF®, is a certified environmental professional. Lauren Perez writes for SmartAsset on a range of personal financial subjects, with a particular focus on savings, banking, and credit cards. She has a bachelor’s degree in English and a master’s degree in finance. Ms. McKinney holds the designation of Certified Educator in Personal Finance® (CEPF®) as well as membership in the Society for Advancement of Business Editing and Writing (SABEW).
Her hometown is Los Angeles, and she was born and raised there.
With the hours of study Lauren puts in at SmartAsset, she is able to give suggestions to friends and family about credit cards and retirement accounts that they could find beneficial.
How Long Does It Take to Get Your Tax Refund in 2022?
If you e-filed your return, you should expect to get your refund more quickly through direct deposit as opposed to if you submitted your tax paperwork to the government. According to the IRS, traditional tax returns are mailed out within 6 to 8 weeks, but electronic tax returns are issued in less than 3 weeks, and again, much faster if direct deposit is utilized. Choose to obtain your refund through paper check, and the procedure will be significantly slowed; consequently, if you want to receive your money as soon as possible, e-filing and selecting direct deposit are the best options.
The length of time you must wait will vary depending on your financial institution.
After you have completed your taxes electronically, you will need to determine how you will receive your payment. In addition to direct deposit, when you file online, you have a few more alternatives to select from when it comes to how you will get your refund, including:
- A debit card with the refund amount on it has been received. Purchase of up to $5,000 worth of United States Savings Bonds
- Divvying up your return sum into as many as three different financial accounts in your name
- Investment in an individual retirement account, Roth individual retirement account, or SEP-IRA
Members of Chime can pick “direct deposit” as a payment method on their tax return software. After that, you simply enter yourChime Checking Accountnumber and the accompanying routing number, and you’re done! From then, all you have to do is sit back and wait for your refund to appear in your account. Chime will notify you through text message and email when your refund has been processed. You will know that the money is there the moment you receive it if you do it this way. When selecting a delivery method, keep in mind that the method you choose will have an impact on how soon you receive your money.
Tax return accepted? Here’s how to start tracking your refund
The IRS strongly advises submitting your return online and using direct deposit in order to get your refund as quickly as possible. Angela Lang is a contributor to CNET. The Internal Revenue Service is now processing tax returns for the year 2021, which means tax refunds will be sent to people who completed their forms correctly in the near future. Alternatively, if the IRS has already approved your return, you may watch the status of your tax refund so that you will know when you should anticipate your money to arrive.
- The IRS advocates filing electronically and setting up direct deposit this year because it can speed up the processing of your return, which can be delivered within 21 days if there are no problems.
- After you’ve submitted your tax return, you don’t have to sit around wondering what to do next.
- feature, as well as how to check your IRS account for any additional information you may need.
- This story is updated on a regular basis.
How long will it take to get my tax refund?
Tax refunds are typically sent within three weeks by the Internal Revenue Service, but some taxpayers may have to wait a little longer to get their cash. In the event that there are any mistakes, or if you made a claim for the earned income tax credit or the child tax credit, you may have to wait a long time. A problem with your return’s processing can be resolved “depending on how quickly and accurately you respond, as well as the ability of IRS staff who have been trained and who are working under social distancing requirements to complete the processing of your return,” according to the Internal Revenue Service website.
If you filed your tax return by mail, the Internal Revenue Service estimates that it will take between six and eight weeks for your tax refund to arrive once it has been processed.
This means that if it takes the IRS the full 21 days to issue your return check and your bank the full five days to post it, you might be out of pocket for a total of 26 days before receiving your refund.
What money will arrive with my tax refund this year?
This year, there are a number of items that may be added to your tax return to make it more valuable. As is customary, if you overpaid your taxes in 2021, you will receive a refund of the money you overpaid. Parental benefits may include the remainder of yourchild tax credit money, as well as repayment for any money you spent on child care-related expenditures over the previous year if you qualify. Also, if you haven’t received your third stimulus payment yet, you may be eligible to get it when you receive your tax return.
What could cause my tax refund to be delayed?
The following are some of the reasons why your income tax refund may be delayed:
- There are mistakes on your tax return
- It’s a work in progress
- It is suspected that your reimbursement is the result of identity theft or fraud. The earned income tax credit or the supplementary child tax credit was applied for on your behalf. Your return requires additional examination
- The injured spouse allocation form (Form 8379(PDF)) is included in your return, and it might take up to 14 weeks to be processed.
If the IRS determines that a necessary tax adjustment must be made to a recovery rebate credit, earned income tax credit, or extra child tax credit claimed on your return, the IRS will email you an explanation of the situation. If there is a problem that has to be resolved, the IRS will initially attempt to resolve it without contacting you for your permission. But if it need further information, it will write you a letter to tell you.
How to use the IRS Where’s My Refund? tool
The IRS tracker tools require you to enter some personal information, including your Social Security number or Individual Taxpayer Identification Number, your filing status (single, married, head of household), and the amount of the refund in whole dollars that you can find on your tax return in order to check on the status of your 2021 income tax refund. Ensure that at least 24 hours have passed (or up to four weeks if you returned your item through mail) before beginning the refund tracking process.
- directs you to theGet Refund Statuspage where you may fill up your personal information before pressing the Submit button.
- If this is the case, you may be required to validate your personal tax information and try again.
- The Internal Revenue Service now provides a smartphone app, called IRS2Go, that allows you to monitor the status of your tax refund.
- Whether or not your return has been received, authorized, and dispatched will be visible to you.
- This tool is updated overnight by the IRS, so if you don’t see a change in your status after 24 hours or longer, check again the following day.
- In order to find out where your tax refund is, go to Where’s My Refund?
- If you are seeking for information on earlier years’ returns, go to yourIRS online account for further information.
The IRS2Go smartphone app allows you to check on the status of your refund. CNET image courtesy of James Martin
What do these IRS tax return statuses mean?
Both the IRS’s online and mobile tools (both the website and the mobile app) will display one of three messages to describe the status of your tax return.
- Received: The Internal Revenue Service has received and is working to process your tax return. When your return is approved, the IRS has processed your information and confirmed the amount of your refund, if you are due one. Sent: Your refund has been processed and is on its way to your bank, either as a direct deposit or as a printed check in the mail. (If you’ve moved, you can find out how to update your address on file here.)
Can I contact the IRS for additional help?
While you might try phoning the IRS to see whether your situation has changed, the agency’s live phone support is severely restricted. You should avoid filing a second tax return or contacting the Internal Revenue Service to inquire about the status of your return. For further information, the Internal Revenue Service directs visitors to theLet Us Help Youpage on its website. It also recommends that taxpayers seek in-person assistance from Taxpayer Assistance Centers. You can contact your local IRS office or call to schedule an appointment at 844-545-5640 to schedule an appointment.
Although the chances of receiving live help are minimal, the IRS recommends that you contact the agency directly only if it has been more than 21 days since you paid your taxes online or if the Where’s My Refundtool directs you to do so.
An IRS TREAS 310 transaction is listed on my bank statement. What does it mean?
If you get your tax return by direct deposit, the transaction may be identified as IRS TREAS 310 on your bank statement. It is sufficient to identify the transaction as a refund from a previously filed tax return in the form of an electronic payment by referring to the 310 code (direct deposit). Tax refunds can also be found in the description section by searching forTAX REF. Seeing a 449 instead of a 310 indicates that your return has been reduced to account for past-due debt.
Why is my tax refund coming in the mail instead of by direct deposit?
There are a variety of reasons why you could get your refund in the mail. Your money can only be electronically placed into a bank account in your name, in the name of your spouse, or into a joint bank account with another person. If that is not the case, you may be receiving numerous refund checks, as the IRS can only direct deposit up to three refunds to a single account at any given time. Additional refunds must be mailed to the customer. Additionally, your bank may reject the deposit, in which case the IRS will use this as the next best option to refund your money as promptly as possible.
Sign into your IRS account to double-check that the agency has the necessary banking information on file, just in case anything goes wrong.
How Long Does an IRS Tax Refund Take?
Tax Day — the deadline for submitting federal and state income tax returns for the vast majority of Americans — was delayed by about one month in 2021 as a result of the COVID-19 epidemic. When it comes to tax day, the date is set to revert to its usual date of April 15 in 2022. If you have any questions regarding your taxes, one of the most often asked inquiries is how long it will take to get your tax return. As a general rule, the answer is anything between eight days to two months, depending on how you file your claim and how you choose to get your refund.
With our free guide, you can take charge of your taxes. 5 Tax Avoidance Strategies Every Investor Should Be Aware Of Our tax professionals offer advice on everything from decreasing your capital gains tax to increasing after-tax profits, allowing you to make better investment decisions.
Tax Refund Process
When it comes to processing tax returns and providing tax refunds, the Internal Revenue Service follows a fairly rigorous procedure. Your return will be accepted once they have received and processed your return, which normally takes 24-48 hours. These individuals are verifying if the personal information contained on your return corresponds to the information in their records during this time period. If everything checks out, you’ll receive notification from the IRS that your return has been approved.
Using the IRS’s onlineWhere’s My Refund?
Alternatively, you can phone 800-829-1954 if that is more convenient for you.
Approximately 24 hours after electronically submitting your tax return, or approximately one month after mailing in a paper tax return, you can access this website.
Federal Tax Refund Schedule
A breakdown of how long it typically takes to get a tax refund is shown below, with timing estimates based on how the return was filed and which method was selected to collect the refund:
|Filing Method||E-file/Direct Deposit||Paper File/Direct Deposit||E-file/Check||Paper File/Check|
|Refund Time||1-3 weeks||3 weeks||1 month||2 months|
Factors that Affect Timing
As you can see, electing to file your income tax return electronically and to get your refund by direct deposit can significantly expedite the refund process. Prior to the availability of e-filing, tax returns had to be submitted to the Internal Revenue Service (IRS), where the information was scanned or manually input into the system. The IRS then sent paper checks to taxpayers, which they were required to return back to them. Because of the manual nature of this procedure, it might take up to two months, causing many individuals to be eagerly awaiting their mail for several weeks.
Nine out of ten taxpayers who choose for direct deposit receive their refunds within 21 days of the day on which they submit their tax returns online.
Even if you prefer to file your income taxes the old-fashioned manner, you may still do so by mailing in your return and obtaining a paper check.
How Can I Speed Up My Refund?
Here are three suggestions to assist you receive your income tax refund as quickly as possible.
1. Keep your tax records organized.
Being organized will allow you to file your tax return more quickly while also avoiding mistakes that might cause your return to be delayed in processing.
For example, keep all of your tax paperwork in one place — such as W-2 and 1099 forms, as well as proof supporting itemized deductions — so that they’re easy to find when you’re in need of them.
2. Use tax preparation software.
Tax preparation software may substantially simplify and speed the process of preparing and submitting your taxes. In addition to including all of the IRS forms and schedules you’ll need, these programs also assist you in making sure you’re following all of the current tax regulations and taking advantage of every possible deduction, which might result in a larger tax refund.
3. File your return electronically and choose direct deposit of your refund.
Following the procedures outlined above, filing your return electronically and electing to receive your refund via direct deposit rather than a check in the mail will significantly speed up the processing of your refund. Your refund might be in your bank account less than two weeks after the IRS accepts your return if you use e-filing and direct deposit.
What to Do Once You Receive Your Refund
Given that a tax refund might appear to be a windfall in terms of money, it’s a good idea to plan ahead for what you’ll do with the money once it arrives in your account. Here are five suggestions.
1. Pay down debt, including your mortgage.
High levels of consumer debt, particularly credit card debt, are one of the most significant impediments to the accumulation of wealth, making debt repayment one of the most wise uses of a tax return. If you don’t have any credit card debt, you might want to consider spending a portion or all of your tax refund to pay down the principle on your mortgage instead. Calculate it as follows: Calculator for Debt Repayment
2. Start or add to an emergency fund.
An emergency fund is a sum of money stored in a liquid savings account that may be used for unforeseen needs such as automobile or house repairs or large out of pocket medical expenses. A good rule of thumb is to have between three and six months’ worth of living costs saved up in a separate account for emergencies. Find out more about how much money you should have in an emergency fund by reading this article.
3. Save it for retirement.
If you have an IRA or participate in a 401(k) or 403(b) retirement plan at work, you should consider donating a portion or the whole amount of your tax refund to your retirement account. Taking this step now might help you better your financial status in retirement later on.
4. Save it for a home down payment.
If possible, put down at least 20% of the purchase price of a property when purchasing a home to avoid mortgage interest payments. This will assist you in lowering your monthly mortgage payment and may eliminate the need for you to obtain private mortgage insurance in the future. Setting away a portion of your tax refund in a down payment savings account may assist you in meeting this objective. Continue reading:What is PITI? Explanation of the terms principal, interest, taxes, and insurance
5. Have some fun!
Whenever possible, it is advisable to put down at least 20% of the purchase price of a property. The monthly mortgage payment will be reduced as a result of this, and you may avoid the need to obtain private mortgage insurance as well. You might achieve this aim by setting aside a portion of your tax refund in a down payment saving fund. What is PITI? Find out more here. Understanding the terms principal, interest, taxes, and insurance
The Bottom Line
Personal Capital provides free financial tools that can assist you in improving your personal financial management, including how to make wise decisions about what to do with your tax refund.
Personal Capital also provides a variety of other services. You may take a few steps right now to put yourself on the correct path to success.
- Download 5 Tax Hacks for Investors, a practical resource that includes ideas from ethical financial advisers, to get started now. Sign up for the Personal Capital Dashboard to receive the guide for free. Consider consulting with a fiduciary financial advisor for more specific help on your tax optimization techniques
- Millions of individuals use these free and secure online financial tools to see all of their accounts in one place and plan for long-term financial objectives.
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