When Will I Get My Tax Refund Back?
For any taxpayer filing early, the question is when can they expect to see their tax refund. A lot of Americans rely on their annual tax fund to cover a range of expenses.
In the beginning, it was nearly impossible to predict because you had to mail in your return and then wait for the Treasury to issue a check, once everything had been plugged into a computer. But e-filing changed all that.
With an online e-filing service, you may be able to get your tax refund back in just eight days, especially if you opt to receive it through direct deposit.
Last year, the IRS said they managed to provide tax refunds to 90% of taxpayers in 21 days or less.
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The New Tax Refund Schedule Dates
For this year, the official start date has not yet been announced by the IRS. The IRS never keeps an official calendar, but they regularly provide an estimated tax refund schedule that says the majority of filers will receive their money in 21 days or less, from the date their return is received.
But if you’re using tax preparation software, you likely already know that you can file much earlier. Often, taxpayers are able to file months earlier. Most of these programs will hold your return until the IRS opens the e-filing system.
If you still decide to mail in your tax return, you can legally do this from January 1st, but you should expect to wait at least 6-8 weeks to actually receive your refund.
Some of the most highly recommended tax software companies are now offering free and paid editions for online tax filing. You’ll pay nothing to file your federal and state taxes if you have a simple tax return.
Start by easily importing your W-2, answer simple questions about your life, and you’ll get you your maximum refund, guaranteed!
Your Refund May Be Delayed by Law
Congress passed a law that states the IRS must withhold tax refunds from taxpayers if they’re claiming either the Earned Income Tax Credit or the Additional Child Tax Credit. This applies no matter when you decide to file your return.
Last year, the delay was mandated to be until February 15th. So you wouldn’t have received your refund before this date, no matter when you sent in your tax return. The IRS then said they wouldn’t actually issue refunds until February 25th.
The philosophy behind this delay was to reduce tax fraud and give the IRS more time to ensure that no duplicate returns have been filed. For taxpayers, though, they do need to deal with the fact the IRS will withhold the full refund, rather than just the refund coming from these two tax credits.
It’s expected these delays will continue for the foreseeable future. This year the fastest way to get your tax refund back is with online tax filing.