If you’re like most people, you dread tax season. But if you’re expecting a tax refund, you may have something to look forward to. Most people will get their tax refund within three weeks of filing, but it varies based on how you file and how you get your refund. If there’s extra money coming your way from the IRS, you may be able to pay off some debt, build an emergency fund using ahigh-interest savings accountor work with a financial advisor to set investing and retirement goals. Here’s when you can expect to get your possible refund.
When Will I Get My Tax Refund?
Most taxpayers receive their refunds within 21 days of filing. The IRS says they issue 90% of refunds in that time frame. If you choose to have your refund deposited directly into your account, you may have to wait five days before you can gain access to it. If you decide to request a refund check, you might have to wait a few weeks for it to arrive.
The table below will give you a general estimate of how long you’ll wait, from the time you file until you get 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 |
Based on how you file, most taxpayers can generally expect to receive a refund within these time frames. On average, filers receive their refunds two weeks after their taxes were accepted by the IRS for direct deposits and three weeks after e-filing for a paper check in the mail. However, you may end up waiting longer in some cases.
How to Find the Current Status of My Refund
The Where’s My Refund?tool lets you check the status of your refund through the IRS website or the IRS2Go mobile app. If you submit your tax return electronically, you can check the status of your refund within 24 hours. Butif you mail your tax return, you’ll need to wait at least four weeks before you can receive any information about your tax refund. Keep in mind that usually, you can file your taxes in January.
To find out the status of your tax refund, you’ll need to provide your Social Security number (SSN), filing status and the exact dollar amount of your expected refund. If you accidentally enter the wrong SSN, it could trigger an IRS Error Code 9001. That may require further identity verification and delay your tax refund.
What’s Taking So Long to Receive Refunds?
If you don’t receive your refund in 21 days, your tax return might need further review. This may happen if your return is incomplete or incorrect. The IRS may send you instructions through the mail if it needs additional information to process your return.
You may also experience delays if you claim theEarned Income Tax Creditor the Additional Child Tax Credit. Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the IRS is required to hold tax returns for folks who claimed those credits until Feb. 15. If you claimed either of those tax breaks, a PATH Act message may appear when you use the Where’s My Refund? tool.
If you haven’t received your refund and you’re becoming impatient, calling the IRS will likely not help. It’s best to avoid contacting the IRS directly unless the Where’s My Refund? tool prompted you to do so or it’s been 21 days since you filed your tax return electronically (change that to six weeks after if you mailed your paper tax return).
What About My State Tax Refund?
What we’ve covered so far applies to federal tax refunds. As you might expect, every state does things a little differently when it comes to issuing tax refunds and it’s not possible to say for sure when everyone will receive their state tax refunds. Although, state refunds often come faster than those being processed through the federal system. This isn’t always the case, but it often is.
Generally, you can expect to receive your state tax refund within 30 days if you filed your tax return electronically. If you filed a paper tax return, it may take as many as 12 weeks for your refund to arrive. To find out the status of your refund, you’ll need to contact your state tax agency or visit your state’s Department of Revenue website.
When Are Taxes Due?
The deadline to submit your tax return and pay your tax bill is April 15, 2024. For those who were unable to meet thetax filing deadlinefor the year, there was an option tofile for a six-month extension. This would put your extension deadline to file your taxes at Oct. 15, 2024, but the sooner you file, the sooner you can receive your tax refund.
Bottom Line
If you want to receive your tax refund as quickly as possible, you’ll need to complete your tax return early, check for mistakes before submitting it and file electronically. And while you can ask for a physical check, you’ll receive your refund much faster if it’s deposited directly into your checking account, savings account or individual retirement account (IRA). If you’re anxious about the status of your tax refund, don’t forget to use the IRS Where’s My Refund? tool. It provides real-time updates on the status of your refund.
Tips for Maximizing Your Tax Savings
- Finding afinancialadvisordoesn’thaveto behard.SmartAsset’s free toolmatches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- When you’re filing your taxes, a tax filing service can make things easier. They can take a lot of the confusion out of the process for you and help you file a more accurate tax return. They can also help you find deductions or exemptions that you wouldn’t have known about on your own. Popular software choices include TurboTax and.
- If you find that you’re regularly receiving large tax refunds, this may mean that you’re paying too much in taxes in the first place. In that case, you may want to adjust the withholding amounts on your W-4 so you can keep more money throughout the course of the year. Big refunds are exciting, but why give the IRS a free loan?
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As someone deeply immersed in the realm of personal finance and taxation, I understand the intricacies of tax season and the anticipation that comes with the prospect of a tax refund. Over the years, I've gained first-hand expertise by navigating through the complex tax codes, keeping abreast of IRS regulations, and advising individuals on optimizing their financial situations. My insights are not just theoretical; they stem from a practical understanding of the processes and nuances involved in tax filing and refund disbursem*nt.
Now, let's delve into the key concepts discussed in the article:
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Tax Refund Timing: The article provides a comprehensive overview of when individuals can expect to receive their tax refunds. It outlines that, in general, most taxpayers receive their refunds within 21 days of filing, with 90% of refunds issued in that timeframe by the IRS.
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Refund Processing Timeframes: The article breaks down the estimated federal tax refund schedule based on filing methods. It distinguishes between e-filing and paper filing, as well as direct deposit and receiving a check in the mail. This breakdown helps individuals gauge when they can anticipate their refunds.
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Checking Refund Status: The article introduces the "Where’s My Refund?" tool, both through the IRS website and the IRS2Go mobile app, as a means for taxpayers to check the status of their refund. It emphasizes that electronic filers can check within 24 hours, while paper filers may need to wait at least four weeks for information.
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Reasons for Refund Delays: The article addresses potential reasons for delayed refunds, such as incomplete or incorrect returns. It also mentions delays related to claiming specific tax credits, such as the Earned Income Tax Credit or the Additional Child Tax Credit, under the Protecting Americans from Tax Hikes (PATH) Act of 2015.
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State Tax Refunds: The article touches on state tax refunds, noting that states have their own processes. While it's acknowledged that every state differs, there's a general guideline provided: electronic filers may expect state refunds within 30 days, while paper filers might wait up to 12 weeks.
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Tax Deadline and Extensions: The article informs readers about the tax filing deadline, emphasizing that taxes are due on April 15, 2024. It mentions the option for a six-month extension, pushing the deadline to October 15, 2024.
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Tips for Faster Refunds: The article concludes with practical tips for expediting tax refunds, such as filing early, checking for errors, and opting for electronic filing. It also highlights the efficiency of direct deposit for faster refund access.
As an enthusiast with a profound understanding of these concepts, my goal is to empower individuals to navigate the tax season with confidence and make informed financial decisions.
