Recent Updates on Tax Refunds

The safest and quickest method to complete an accurate return and get a tax refund is to file electronically and use direct deposit. Where Can I Find My Refund? is a website that allows taxpayers to find out where their refund is. They should begin checking their refund status within 24 hours of receiving an e-filed return or four weeks after mailing a paper return.

The tool’s progress tracker shows how far you’ve come in three stages:

  1. The return has been received,
  2. The refund has been approved.
  3. The refund has been sent.

Timeline for refunds

The majority of tax refunds are processed within 21 days, although some may take longer. This can happen for a variety of reasons:

  • A claim for the Earned Income Tax Credit or the Additional Child Tax Credit is included on the return.
  • Because many banks do not handle payments on weekends or holidays, the period between the IRS sending the refund and the bank depositing it to an account might vary.
  • It’s possible that the return may need to be re-evaluated.
  • It’s possible that the return contains mistakes or is incomplete.
  • Identity theft or fraud might have an impact on your tax return.

If extra information is needed to process a return, the IRS will notify taxpayers through a letter.

The Earned Income Tax Credit and the Additional Child Tax Credit are two types of tax credits.

 Due to changes to tax legislation required by the Protecting Americans from Tax Hikes Act, the IRS will not be able to provide refunds for the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February (PATH Act). This refers to the entire refund, not only the part related to the return’s tax credit.

Where did my refund go? IRS2Go has their information updated for most early EITC/ACTC registrants with a projected deposit date of February 19.

If you applied for the EITC or ACTC, your refund should arrive on March 1 if you meet the following criteria:

  • They filed their return online,
  • They selected direct payment for their refund,
  • and it was determined that their return was error-free.

Myths about refunds should be ignored.

Some people feel that purchasing a tax transcript, phoning the IRS, or calling their tax preparer will speed up their return. Ordering a tax transcript will not help a taxpayer to receive their refund sooner or learn when they will receive it. The information on Where’s My Refund? is the same as what IRS phone assistants have access to.

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