During the last tax season, the average direct deposit refund was nearly $3,000; And with tax season currently underway, it’s no surprise that the most common question taxpayers ask is: “Where’s my refund?”
For that reason, In this article we are going to give you a breakdown Internal Revenue Service (IRS) processing times, how your tax return will progress through the three stages with the IRS (“Return Received,” “Return Approved,” and “Refund Submitted” once you e-file) ; how you can check the status of your IRS check; and other details.
- 1 Processing time for a refund
- 2 refund process
- 3 Why am I not receiving a tax refund?
- 4 Why is my tax refund taking so long?
- 5 What about state tax refunds?
- 6 When should I submit my tax return?
- 7 Will I see dates in checking the status of “Where’s My Refund”?
- 8 Has it been more than 21 days since the declaration was accepted?
- 9 Did they send you a check in the mail even though you requested direct deposit?
- 10 In conclusion
- 11 Tips to maximize your tax savings
Processing time for a refund
Refund processing times are different depending on the input method you use. Let’s see some of them and the response times of each one.
- Electronically Filed Tax Returns with Direct Deposit. Electronic filing with direct deposit is the fastest way to get a federal tax refund. In fact, the IRS has repeatedly reported that nine out of 10 e-filed direct deposit tax returns are processed within 21 days of accepting the electronic file.
- Paper returns sent by mail. If you filed a paper return, you must wait 4 weeks before checking the status of the refund. In this sense, the refund processing time is 6 to 8 weeks from the date the IRS receives the tax return.
Throughout the tax return, there is a reimbursement process in which taxpayers participate partially. Next, we give you all the details about it.
- Start checking status 24-48 hours after e-filing. Once you’ve filed your tax return by email, you can check the status using the IRS “Where’s my refund?” tool. Now, as we’ve already mentioned, for paper returns, you won’t be able to start checking the status of your tax refund for 4 weeks. Please note that you will need the following information when checking the status of the refund: Social Security number or ITIN, your marital status and the exact amount of the refund.
- Return notification received within 24-48 hours of e-filing. Once the 24/48 hour period has passed, in “Where is my refund?” A “return received” message should appear, which means the IRS has started processing the return. As we’ve already mentioned, you’ll need the following information to verify the status of the refund: Social Security number or ITIN, your filing status, and the exact amount of the federal tax refund shown on the 1040 form. You won’t see a return date until the IRS finishes processing your tax return and approves the refund.
- Change of status from “Return Received” to “Refund Approved”. Once the IRS finishes processing your tax return and confirms that your tax return was approved, the status will change from “Return Received” to “Refund Approved.” Although the status change may take a few days, a refund date will not be provided in “Where’s My Refund?” until your tax deduction is processed and your tax refund is approved.
- The IRS will provide you with a custom refund date once your status moves to “Refund Approved”. The IRS issues nine out of 10 refunds within 21 days of acceptance if you file electronically with direct deposit.
- Where’s my refund? Shows “Refund Sent”. In this step, the IRS has sent the tax refund to the financial institution for direct deposit. It may take one to five days for the financial institution to deposit the funds into your account. If you opted to receive your tax refund by mail, it could take several weeks for your check to arrive.
Why am I not receiving a tax refund?
If you get a tax refund, it means you overpaid taxes for the entire year. When you start a new job, you fill out a W-4 so your employer knows how much to withhold from each paycheck to cover your tax liability. If too little is withheld, you’ll need to pay taxes before the tax day due date. If too much was withheld, he will refund that money to you.
Why is my tax refund taking so long?
If you don’t receive your refund within 21 days, it may be because your tax return is undergoing additional review.. This can happen if your return was incomplete or incorrect. In this case, the IRS may send you instructions in the mail if it needs additional information to process the return.
You may also experience delays if you claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Pursuant to the Protecting America from Tax Hikes (PATH) Act of 2015, the IRS is required to keep tax returns for people who claimed those credits through February 15 .
And if you haven’t received your refund and you’re impatient, calling the IRS might not help. It’s best to avoid using the IRS contact, unless the “Where’s My Refund?” told you to do it.
What about state tax refunds?
What we’ve covered so far applies to federal tax refunds. As you might expect, each state does things a little differently when it comes to issuing a tax refund.
In general, you can expect to receive your state tax refund within 30 days if you filed your return electronically. If you filed on paper, your refund may take up to 12 weeks.
To find out the status of your state refund, you’ll need to contact your state tax agency or visit your state’s Department of Revenue website.
When should I submit my tax return?
The deadline to file your 2021 tax return and pay your tax bill is April 18, 2022 (postponed to April 19 for people living in Maine and Massachusetts). If you can’t meet the tax filing deadline, you can request an extension. But the sooner you file, the sooner you can receive your refund. The earliest you can file your 2021 tax return is January 24, 2022.
Will I see dates in checking the status of “Where’s My Refund”?
The “Where’s My Refund?” tool will not give you a date until your tax return is received, processed, and your tax return is approved by the IRS.
Has it been more than 21 days since the declaration was accepted?
Some tax returns take longer to process than others depending on individual tax situation. Some of the reasons it may take longer include incomplete information, a mistake, or the IRS needs to review it further.
Did they send you a check in the mail even though you requested direct deposit?
The IRS is limiting the number of direct deposits going into a single bank account or prepaid debit card to three tax refunds per year. Your limit may have been exceeded.
If you want to receive your tax refund as quickly as possible, you will need to complete your tax return early., check for errors before submitting and submit electronically. And while you can request a physical check, you’ll get your refund much faster if you choose direct deposit into your checking account, savings account, or even an individual retirement account (IRA). If you’re concerned about the status of your tax refund, don’t forget to use the “Where’s my refund?” tool, which provides real-time updates on the status of your refund.
Tips to maximize your tax savings
When you file your taxes, a tax filing program can make things easier for you. They can take a lot of confusion out of the process and help you file a more accurate tax return. They can also help you find deductions or exemptions you don’t know about on your own..
If you find that you receive large tax refunds on a regular basis, this may mean that you are 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 over the course of the year. Big rebates are exciting, but Why let the IRS hold on to what’s yours all year long when you could invest the money?