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Wondering when your tax refund might come in? Read on to find out what you need to know.
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Filing taxes can be a lengthy and sometimes stressful process. But for many people, there’s a huge upside — collecting a tax refund.
Tax returns were due this year on April 18. So if you submitted yours on that day exactly, you may be wondering when you can expect your refund to hit your bank account.
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Normally, the IRS turns refunds around in less than 21 days. But in some cases, your refund might take longer to process.
Have realistic expectations
If you filed your taxes on April 18 and are thinking you’ll see your refund by the 19th or 20th, think again. The IRS needs some time to process your return and issue your refund, so you generally should not expect to see that money within days.
A more realistic approach is to assume that your refund will arrive within three weeks of having submitted your return. So if you filed your taxes on April 18, you should anticipate having your refund by May 9.
However, there are certain factors that could delay your refund. One of them is filing a return on paper. In that case, the IRS says it could take four weeks or more to process your refund. In recent years, refunds for paper returns have been notoriously delayed as the agency has experienced backlogs and staffing shortages stemming from the pandemic. So that four-week time frame may be a generous estimate.
The IRS is still in the process of ramping up staff as part of the $80 billion in funding it got under the Inflation Reduction Act. But that may not lead to faster turnarounds for paper returns this filing season. So if you’re not submitting your taxes electronically, assume your refund will take at least twice as long to process as a refund for a return filed using software.
Another reason your tax refund might be delayed? An error on your tax return. Certain mistakes, like entering the wrong Social Security number, might cause the IRS to reject your return, leading to a longer turnaround time.
Similarly, the IRS might have questions about your return that it needs addressed before your refund can be processed. If that’s the case, the agency will send you a letter by mail asking for more information. The sooner you respond, the sooner you can expect your refund — but you might face an initial delay.
You can check up on your tax refund
Whether your tax refund amounts to a few hundred dollars or a few thousand, it’s natural that you’d want that money as soon as possible. If you want to check on the status of your refund, you can use this IRS tool to get more information. Keep in mind you’ll need to wait a good 24 hours after filing your return electronically to get an update.
You may also be inclined to contact the IRS if your refund is taking longer than expected to arrive. Before doing so, though, it could pay to use this tool to get an update, as it may prove to be less time-consuming and frustrating than waiting on hold to speak to an agent.
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