If you’re worried about when your federal income tax refund will hit your bank account, you’ll be happy to know you’re not alone. For fiscal year 2023, the Internal Revenue Service (IRS) estimated that about 120.9 million individual taxpayers are due a refund, totaling $461.2 billion. That’s a pretty big amount of money that’s being left in Uncle Sam’s hands.
Do you want to know when you’ll get your overpaid amount back in a refund? Of course, you want to know. So read on.
How long does it typically take for the IRS to process a tax refund?
According to IRS.gov, most refunds are processed within 21 days of receiving a federal tax filing, but there are several factors that can affect refund processing times.
For example, if you e-filed and chose the direct deposit option, your tax return may be processed quickly. However, if you filed a paper return and you are claiming the Earned Income Tax Credit (EITC), your tax return may take longer to process.
You can use the charts provided by CPA Practice Advisor to check the status of your tax refund. According to estimates, if you submitted a complete and correct e-filed return by February 24, 2025, direct deposit from the IRS may begin within 10 days, i.e. by March 7, 2025. Paper refund checks may be received about a week later, i.e. by March 14, 2025.
How to Check Your Tax Refund Status in 3 Easy Steps
The easiest way to know when your refund will arrive is to check your refund status with the IRS. Here’s where to go and what additional information you’ll need.
Step 1: Gather your refund information
You’ll need some information, such as:
- Social Security number or Individual Taxpayer Identification Number (ITIN)
- Filing status (single, married, filing jointly, etc.)
- The exact amount of refund on your return
Also, you’ll need to specify which tax year you want to track the refund for. Whether it’s last year or several years ago, make sure you have all the tax forms on hand.
Step 2: Go to Where’s My Refund or the IRS2Go app
You can access your online IRS account with the information above or use Where’s My Refund or the IRS2Go mobile app. Status tracking is usually available within 24 hours if you e-filed, or up to 4 weeks after you mailed a paper return.
Step 3: Identify your tax return status
Here are some status updates you may get when you track your federal tax return and what they mean:
- Return Received
This status simply indicates that the IRS has officially received your return. Now you have to wait. - Refund Approved
Your return has been processed and the refund is now pending. Once the funds are available and sent, your status will be updated. - Refund Sent
Good news. Your refund has either been direct deposited into the account you specified, or a paper check has been mailed. Note that once the IRS sends the funds, it may take up to 5 business days for the money to appear in your bank account.
When might your tax refund be delayed?
There are a few reasons why a refund might be delayed, and you can avoid them. Here are some common reasons:
- Mistakes or incomplete information on a tax return
If you made a mistake or omitted some information, the IRS might ask you to submit an amended return. - You’re claiming the Earned Income Credit or Additional Child Tax Credit
These tax credits can take longer to process because the IRS can’t issue them before mid-February. - You filed a paper return
If you’re still using paper returns, this could delay your refund. - You’ve been a victim of identity theft or fraud
If a refund is delayed, it could be a sign of identity theft or tax fraud.
Frequently Asked Questions:-
Q.Can I expedite the processing of my federal tax return?
A.No, there is no fee to expedite tax return processing. But the process can be accelerated if you complete your return carefully, e-file, and opt for direct deposit.
Q.Can I track my state tax return?
A.You cannot use IRS tools to track state tax returns, but many states offer such tools on their Department of Revenue websites.
Q.When should I contact the IRS when my tax refund is delayed or missing?
A. Contact the IRS if you think your refund is delayed, especially if it hasn’t arrived 21 days after you e-file or 6 weeks after you mail a paper return.
