Tax season can be stressful, but the best part? Getting your refund! Millions of taxpayers eagerly wait for that extra cash to hit their wallets. But when exactly will you receive your refund?
The IRS states that most refunds arrive within 10 to 21 days, but various factors influence the processing time. Let’s break down the key details, from filing methods to tax credits, and when you can expect your refund.
Refund
How you file your tax return plays a big role in how quickly you receive your refund.
According to Copy Buzz, electronically filed returns are processed much faster than paper returns. Additionally, selecting direct deposit instead of a mailed check can shave off even more waiting time.
Here’s how long it typically takes to receive your refund based on your filing method:
| Filing Method | Refund Delivery Method | Estimated Refund Time |
|---|---|---|
| E-filed Return | Direct Deposit | 1 to 3 weeks |
| E-filed Return | Mailed Check | 1 month |
| Paper Return | Direct Deposit | 3 weeks |
| Paper Return | Mailed Check | Up to 2 months |
If you want your refund as soon as possible, filing electronically and opting for direct deposit is the way to go!
Tax Credits
Not all refunds arrive within 21 days. If you claim certain tax credits, your refund might be delayed.
The IRS legally withholds refunds for taxpayers claiming the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) until at least mid-February. This delay allows the IRS to verify claims and prevent fraudulent refunds.
So, if you filed early and claimed these credits, your refund might take longer than expected.
Who Gets Their Refund?
Wondering if your refund is on the way? If you filed between March 11 and March 17 and chose direct deposit, expect your refund to arrive by April 7.
For those who filed in early February and chose a mailed check, refunds should arrive around April 4.
Tax season may come with a bit of stress, but knowing when to expect your refund can make the waiting easier. To get your money fast, file electronically, opt for direct deposit, and be aware of any delays related to tax credits. Happy refund season!
FAQs
How long does the IRS take to issue refunds?
Most refunds are issued within 10 to 21 days.
Does e-filing speed up my refund?
Yes, e-filed returns are processed faster than paper ones.
Why is my refund delayed?
Tax credits like EITC and CTC can cause delays.
When will I get my refund if I filed in March?
If you e-filed with direct deposit, expect it by April 7.
How can I track my IRS refund?
Use the ‘Where’s My Refund?’ tool on the IRS website.
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