What days does tax refunds get deposited

The IRS and Fiscal Service are currently using several different programs or processes to prevent or identify fraudulent returns as early in the process as possible.

First, NACHA, The Electronic Payments Association, has implemented an opt-in program at the request of IRS and Treasury Fiscal Service to allow RDFIs to use a specific return reason code (R17) to return refunds where fraud is suspected.

Under the opt-in program, once the suspected fraud is identified by the program-participating RDFI, the payment is returned back to Treasury Fiscal Service which routes the payment back to IRS for additional research. RDFIs seeking more information or which are interested in program participation should contact NACHA directly at 703-561-1100 or by email at [email protected].

Secondly, the IRS has limited the number of refunds that can be electronically deposited into a single financial account or pre-paid debit card to three. This limit has been put in place to prevent fraudulent refund payments from being made to a single account.

Also, if a financial institution suspects that a refund payment or payments is associated with fraud, the institution can use IRS’ External Leads Program by e-mailing information about the questionable refund to [email protected].

Lastly, the IRS, Fiscal Service, the Network Branded Prepaid Card Association, and prepaid card providers continue to meet on a recurring basis to find ways to identify and prevent fraudulent refund payments from being made to a prepaid card account. This workgroup was responsible for developing the opt-in program using the R17 return code and the External Leads Program.

If you’re like most people, you dread tax season. But if you’re expecting a tax refund, you may have something to look forward to. Most people will get their tax refund within three weeks of filing, but it varies based on how you file and how you get your refund. If there’s extra money coming your way from the IRS, you may be able to pay off some debt, build an emergency fund using a high-interest savings account or work with a financial advisor to set investing and retirement goals.

When Will I Get My Tax Refund?

Most taxpayers receive their refunds within 21 days of filing. If you choose to have your refund deposited directly into your account, you may have to wait five days before you can gain access to it. If you decide to request a refund check, you might have to wait a few weeks for it to arrive. The table below will give you an idea of how long you’ll wait, from the time you file, until you get your refund.

Note that these are just estimations. Based on how you file, most filers can generally expect to receive a refund within these time frames. On average, filers receive their refunds two weeks after their taxes were accepted by the IRS for direct deposits and three weeks after e-filing for a paper check in the mail. However, you may end up waiting longer in some cases.

How to Find the Current Status of My Refund

The Where’s My Refund? tool lets you check the status of your refund through the IRS website or the IRS2Go mobile app. If you submit your tax return electronically, you can check the status of your refund within 24 hours. But if you mail your tax return, you’ll need to wait at least four weeks before you can receive any information about your tax refund. Keep in mind that usually, you can file your taxes in January.

In order to find out the status of your tax refund, you’ll need to provide your Social Security number (SSN), filing status and the exact dollar amount of your expected refund. If you accidentally enter the wrong SSN, it could trigger an IRS Error Code 9001. That may require further identity verification and delay your tax refund.

What’s Taking So Long to Receive Refunds?

If you don’t receive your refund in 21 days, your tax return might need further review. This may happen if your return was incomplete or incorrect. The IRS may send you instructions through the mail if it needs additional information in order to process your return.

You may also experience delays if you claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the IRS is required to hold tax returns for folks who claimed those credits until Feb. 15. If you claimed either of those tax breaks, a PATH Act message may appear when you use the Where’s My Refund? tool.

If you haven’t received your refund and you’re becoming impatient, calling the IRS will likely not help. It’s best to avoid contacting the IRS directly unless the Where’s My Refund? tool prompted you to do so or it’s been 21 days since you filed your tax return electronically (change that to six weeks after if you mailed your paper tax return).

What About My State Tax Refund?

What we’ve covered so far applies to federal tax refunds. As you might expect, every state does things a little differently when it comes to issuing tax refunds and it’s not possible to say for sure when everyone will receive their state tax refunds. Although, state refunds often come faster than those being processed through the federal system. This isn’t always the case, but it often is.

Generally, you can expect to receive your state tax refund within 30 days if you filed your tax return electronically. If you filed a paper tax return, it may take as many as 12 weeks for your refund to arrive. To find out the status of your refund, you’ll need to contact your state tax agency or visit your state’s Department of Revenue website.

When Are Taxes Due?

For most years, the deadline to submit your tax return and pay your tax bill is April 15. However, taxes for 2021 were required to be filed by April 18, 2022, due to a legal holiday in Washington D.C. Residents of Massachusetts and Maine had until April 19, 2022.

For those that were unable to meet the tax filing deadline for the year, there was an option to file for a six-month extension. This would put your extension deadline to file your taxes at October 17, 2o22, but the sooner you file, the sooner you can receive your tax refund.

Bottom Line

If you want to receive your tax refund as quickly as possible, you’ll need to complete your tax return early, check for mistakes before submitting it and file electronically. And while you can ask for a physical check, you’ll receive your refund much faster if it’s deposited directly into your checking account, savings account or individual retirement account (IRA). If you’re anxious about the status of your tax refund, don’t forget to use the IRS Where’s My Refund? tool. It provides real-time updates on the status of your refund.