More than 90 percent of tax refunds are issued by the IRS in less than 21 days, according to the IRS. however, the exact time you receive your refund depends on a variety of factors, and in some cases it may take longer to process.
If you’re owed a refund, you’re probably looking forward to it. Here’s what you need to know to predict how long you’ll wait for your refund.
how long will my tax refund take?
The IRS sends more than 9 out of 10 refunds to taxpayers in less than three weeks.
Unfortunately, delivery of your tax refund within 21 days is not guaranteed. There are a number of factors, including the choices you make when you file, that could affect how long it takes to receive your tax refund.
Find out what other factors affect the timing of your refund in 15 minutes or less with our new video series.
You can choose how you want to receive any refund the IRS owes you. here are your options:
- direct deposit to your bank account (this is the fastest way to get your refund).
- paper check sent by mail.
- debit card with the value of the rebate.
- purchase up to $5,000 in US dollars. savings bonds.
- split your refund among up to three financial accounts in your name, including a traditional ira, roth ira, or sep-ira.
The delivery option you choose for your tax refund will affect how quickly you receive your funds. According to the IRS, the fastest way to receive your refund is to combine direct deposit with an electronically filed tax return.
tax return process
Below is an estimated breakdown of how quickly you can expect to receive your tax refund, depending on your filing and delivery options.
irs refund schedule chart for 2022
The IRS began accepting 2021 tax returns on January 1. 24, 2022. The IRS has not yet released its 2022 refund schedule, but you can use the chart below to estimate when you can receive your tax refund via direct deposit or paper check.
other factors that could affect the timing of your refund
Additional factors could slow down the processing of your tax refund, such as errors, underreporting, or fraud.
Taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) may experience additional delays due to special rules that require the IRS to withhold their refunds until February 1. 27. You should also wait longer for your refund if the IRS determines that your tax return needs additional review.
Refunds for returns that have errors or require special handling could take up to four months, according to the IRS. Tax returns that need special handling include those that have an incorrect amount for the recapture refund credit and some that claim the EITC or the ACTC. Delays also occur when the IRS suspects identity theft or refund fraud.
Respond quickly if the IRS contacts you by mail for more information or to verify a return. a delay in response will increase the waiting time for your refund.
If you submitted an amended tax form, it may take more than 20 weeks to receive a refund due to processing delays related to the pandemic.
how to track the progress of your refund
irs has taken the guesswork out of waiting for your tax refund by creating irs2go, an app that lets you track the status of your return. You can also check the status of your refund with “where’s my refund?” online portal.
Both tools provide personalized daily updates for taxpayers 24 hours after a return is e-filed or four weeks after a paper return is received by the IRS. After entering some basic information (i.e. your social security or itin number, filing status, and the exact amount of your refund), you can track the progress of your refund through three stages:
- refund received.
- refund approved.
- refund sent.
once your refund reaches stage three, you’ll need to wait for your financial institution to process a direct deposit or for a paper check to arrive in the mail.
what to do once your refund arrives
For many people, their IRS tax refund is the largest check they receive all year, the IRS says. In anticipation of your windfall, it is wise to have a plan on how you are going to use your windfall. Deciding how to spend, save, or invest money in advance can help prevent impulse buying from getting the best of you.
Your refund is yours to use as you see fit and can be used to help pay everyday expenses or be invested for long-term financial stability.
if you expect a refund, take advantage of it. looking for inspiration? bankrate offers five smart ways to invest your tax refund.
more information:
- where’s my refund? how to track your tax refund
- this was the average tax refund last filing season
- these 9 states have no income taxes