When will the 1st irs refund be deposited

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This year, you have until April 18 to file your taxes, but if you’re eager to receive your refund, we don’t recommend waiting until the last minute to file.

The IRS says you should file early and electronically—you’ll typically receive your tax refund fewer than 21 days after filing.

However, if you file a paper tax return, expect delays. The IRS warns paper tax returns will take longer to process due to Covid-19 mail delays.

Estimated IRS Refund Tax Schedule for 2021 Tax Returns

In prior years, the IRS issued its refund tax schedule to provide a timeline of when you can expect to receive your tax refund. While the IRS no longer publishes a refund tax schedule, we put together an estimate of when you might expect to receive your tax refund based on previous years.

How to Speed Up Your Tax Refund

You can do some things to speed up your refund, but once you file your taxes, they’re in the hands—and on the timeline—of the IRS.

Here are steps you can take to ensure you get your refund as quickly as possible.

1. Request Direct Deposit of Your Refund

According to the IRS, eight out of ten taxpayers use direct deposit to receive their tax refunds faster. This option is available to you whether you file online or by paper tax return.

If you don’t have a bank account, you may want to consider other options, such as a prepaid debit card—the IRS can issue your refund to one of these cards. But be warned: prepaid debit card providers can charge a lot of fees for everyday services like reloading the card, so shop around before deciding whether this is a good option for you.

2. File Your Tax Return Electronically

Combining direct deposit and electronic filing can greatly speed up your tax refund. Since filing electronically requires a tax software program, it can flag errors that may cause processing delays by the IRS. These errors can include incorrect Social Security numbers, dependents’ dates of birth, and misspelling of names.

You can electronically file your tax return for free using the IRS Free File Program if your adjusted gross income (AGI) is less than $73,000. Most simple tax returns (e.g. a basic W-2 and few deductions) can also generally be filed for free with commercial tax software providers, although you may be charged to file your state taxes.

If your tax situation is more complicated—if you sold property, paid business expenses or earned investment or business income, for example—you should consider hiring a tax professional. Having a knowledgeable tax professional, such as an enrolled agent, certified public accountant (CPA), or other tax professional, can help review your tax return and identify any mistakes that may slow down the processing of your tax refund.

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3. Double Check Your Child Tax Credit and Stimulus Payments Online

During 2021, you may have received a monthly advanced child tax credit or stimulus payments. Depending on how much you received, you may qualify for additional credits on your tax return.

If you received monthly child tax credit payments, the IRS will mail you Letter 6419, which states the total amount of child tax credit payments received for 2021.

But double-check the amount reported on Letter 6419 before filing because the IRS said the letters might contain inaccurate reporting. If the amount of your Letter 6419 is different from what you expected, check the amount reported on your IRS.gov online account and use that number instead.

Also, you’ll receive Letter 6475 from the IRS, showing the amount of your third stimulus payment (this amount can also be viewed by logging into your IRS.gov online account). You’ll need the information from Letter 6475 to complete the Recovery Rebate Tax Credit, which allows you to request any additional stimulus payments that you may be due.

How to Track Your Tax Refund Status with the IRS

If you expect a tax refund this year, you can track your tax refund status with the IRS Where’s My Refund online tool or the IRS2Go mobile app.

You’ll need to input your Social Security number, filing status and your expected refund amount. The IRS updates your tax refund information within 24 hours after e-filing and updates the tool daily. If you filed your tax return by mail, expect longer processing times and delays.

If you don’t have access to online tools, you can also contact the IRS by phone at 800-829-1040 to obtain the status of your refund.

Some Tax Refunds May Be Delayed in 2022

If you claimed the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), your tax refund may be delayed. The IRS will issue tax refunds for returns that claim these credits starting in mid-February.

Your financial institution may also play a role in when you receive your refund. Since some banks don’t process financial transactions during the weekends or holidays, you may experience a delay in processing. If you opt to receive your tax refund by paper check, use our tax refund schedule to determine when you can expect to receive your refund.

Finally, you can expect your tax refund to be delayed if you filed an amended tax return. The IRS warns that it is taking more than 20 weeks to process amended tax returns.

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