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Although the April 18th tax deadline is still over a month away, the IRS has already awarded nearly 30 million tax refunds this year, with an average payout of $3,473. When the sum of money is that large, you’ll want to know when it will be deposited into your bank account.
This year, the IRS suggests filing electronically and setting up direct deposit, as it can speed up the processing of your refund (assuming there are no errors). According to IRS Commissioner Chuck Rettig, “filing a paper tax return this year entails a lengthier refund delay.”
Despite the record backlog, the IRS estimates that you will receive your refund money within 21 days of e-filing your tax return. You can learn out exactly when your money is coming by using free IRS tools. Here’s how to track your tax refund online using the Where’s My Refund and IRS2Go features, as well as how to check your IRS account for more information.
Learn how to open an online IRS account, how to get the rest of your child tax credit money, how to file your taxes for free, and 10 tax changes that could affect the size of your return in 2022 for more tax information. This store is updated on a regular basis.
When will I receive my tax refund from the IRS?
Tax refunds are normally issued within three weeks by the IRS, but some taxpayers may have to wait a little longer. If your tax return has any problems, you may have to wait a long time.
According to the IRS website, the resolution of an issue “depends on how swiftly and accurately you answer, as well as the capacity of IRS staff trained and working under social distancing rules to finish the processing of your return.”
The method you selected to file your return has an impact on the date you receive your tax refund. If you mailed your tax return, the IRS estimates that it will take six to eight weeks for your refund to arrive after it has been processed.
If your tax refund is deposited directly into your bank account, it may take up to five days for your bank to post the funds to your account. This implies that if the IRS takes the whole 21 days to issue your check and your bank takes five days to post it, you may be out of money for a total of 26 days. Because there is no waiting period for direct deposit, online providers like Venmo and Cash App can deliver your tax refund a few days sooner.
It’s worth noting that people who claim the child tax credit and/or the earned income tax credit will have to wait a little longer. The IRS is required by law to wait until February 15 to provide refunds to people who have those credits. Early filers with such credits should get a tax refund on March 1st, according to the IRS.
What will be included in my tax refund this year?
This year, there are a few things that could be added to your tax refund. If you overpaid your taxes in 2021, you’ll get your money back, as usual. If you’re a parent, you may also be eligible for the remainder of your child tax credit, as well as reimbursement for money spent on childcare-related expenses last year.
Also, if you haven’t received your third stimulus payment, you might get it with your tax refund.
What could cause my tax refund to be delayed?
The following are some of the reasons why your tax refund may be delayed:
- There are mistakes on your tax return.
- It’s unfinished.
- Identity theft or fraud is suspected in your refund.
- You applied for the additional child tax credit or the earned income tax credit.
- Your return has to be looked at again.
- Form 8379 (PDF), injured spouse allocation, is included in your return and could take up to 14 weeks to process.
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