When Will You Get Your Tax Refund? Here’s When To Expect That CheckOne of the top tax refund questions many filers ask is, “When will I get my tax refund?” Unfortunately, it’s impossible to know the exact date of when you’ll receive your tax refund — the answer varies and it truly depends on when and how you filed your tax return. However, you can estimate when you’ll receive your funds. The IRS issues most refunds less than 21 days after filing, according to the agency. So generally, you can expect to get your tax refund about three weeks after you file your tax return. Keep reading to learn what you need to know about refunds and when you can expect your tax refund this year. Good to Know: The Complete Guide To Filling Out Your W-4 Form Plan for Your Future IRS Tax Refund Schedule for 2019 ReturnsIf you’re asking yourself, “When will I receive my tax refund?” keep this in mind: The IRS issues nine out of 10 refunds in less than 21 days, according to its website. However, this timeline only applies if you file your federal tax returns electronically. If you file through regular mail, then expect to wait around six weeks to receive your refund. Based on this 21-day time frame, here’s a look at when you can expect to receive your tax refund in 2020:
The IRS began accepting and processing tax returns for the 2020 tax filing season on Monday January 27, 2020 Please note that these are only estimates, as the IRS does not provide a tax refund calendar. The dates you see above may conflict with other IRS refund schedules you might see online. Another important thing to note: If your tax return requires additional review, you may have to wait longer to receive your refund. How To Track Your Tax RefundThe IRS website offers a “Where’s My Refund?” tool that enables you to track your refund after you’ve filed your income tax return. You can also track your refund through the IRS2Go app with the same information. You will see one of the following statuses on the site:
To track your refund, you’ll need your Social Security number, your filing status, and the exact amount of your refund. For filing status, you’ll have to choose from the following options:
Providing all of these personal details helps protect your information and avoids anyone else accessing your tax return data. If you’re wondering, “Where’s my tax refund?” this is how you find out the exact answer. Typically, you can start tracking your return one day after you file if you submit your return electronically. But if you mail in a paper tax return, it takes about one month. Learn More: Here’s the Average IRS Tax Refund Amount How To Get Your Tax Refund FasterNo matter how you plan on using your tax refund, you’re probably anxious to receive it. Here are a few steps you can take to improve your chances of getting your tax refund quickly: File early: In general, the sooner you file, the sooner you will get your refund. But returns claiming certain tax credits might not get processed any earlier than late February. Specifically, taxpayers taking advantage of the Earned Income Tax Credit and/or the Additional Child Tax Credit may have to go through this wait. But you should still be able to use the Where’s My Refund? tool to track your tax return’s progress by mid- to late-February. Check your return for errors or omissions: When the IRS needs to contact you for additional information, it slows down how quickly you receive your refund. Opt to use e-file to have your refund directly deposited into your bank account: With direct deposit, it might take a few days for the refund to show up in your account, depending on your financial institution. If you prefer, you can even spread out your refund among two to three bank accounts, including an IRA. The paper return with a check is a much slower process, which can take up to four weeks. Make sure your direct deposit account is in your name: The IRS can only deposit a check into an account in your name, your spouse’s name or a joint account. If your account has others named on it or is in someone else’s name, the IRS will mail a paper check to you instead. What If You File Your Taxes Late?Filing taxes on time is generally a good practice. In addition to releasing yourself of the burden, you can expect an earlier tax refund. The longer you wait to file your taxes, the longer it will take to get your refund. Plus, filing late might incur some expensive consequences. If the IRS owes you a refund, filing late generally won’t hurt you. However, if you owe taxes, you will be penalized for both filing and paying late. Plan for Your Future The deadline for filing your 2019 federal taxes is Wednesday, April 15, 2020. Some people need more time to file taxes. If you’re e-filing, you can file for an extension for free using the IRS’s Free File. Paper filers will need to submit Form 4868 to get a six-month extension on their tax deadline. This strategy helps you avoid paying taxes late, but note that the form doesn’t extend the time to pay taxes. If you wind up owing taxes after the extension, you will still be penalized. Click to See: These Are the Penalties for Filing Taxes Late Why Your Tax Refund Might Be DelayedThe IRS lists the following issues that might extend the tax refund processing time and delay your refund:
There’s also a three refunds-per-year limit on the number of direct deposits going into a single account. If you exceed this limit, it might take up to 10 weeks to receive your refund check. If you’re still wondering about your IRS refund status, learn more about what could be holding up your funds. To avoid a delay in the future, consider changing your tax withholding for next year. That way, instead of waiting for a refund for overpaying your taxes all year, you’ll keep that cash in your pocket every paycheck. At the end of the day, a large refund isn’t always a good thing — it simply means you gave the government too much money. Plus, you can incorporate it into your ongoing budget rather than blowing your tax money irresponsibly. When To Call the IRS To Check Tax Refund StatusStill feeling a bit anxious about when to expect your return? The IRS recommends you only call them if:
Make sure you have your Social Security number or your ITIN handy when you reach out to the IRS. See: Outrageous Ways Real People Spent Their Tax Refund When Can I Expect My State Tax Refund?State and federal taxes are separate filing processes. When expecting a refund from your state government, the exact timeline varies based on several factors, including your specific state. Just like with your federal tax return, the processing time is usually much less if you file electronically with your state. To check on the progress of your state tax return, find the contact information for your state’s department of taxation. You’ll likely need personally-identifying information to receive specifics on your tax refund, including your Social Security number and your refund amount. Also, note that some states are implementing refunds through debit cards rather than checks or direct deposits to make it easier for people who don’t have a bank account. Whenever Your Tax Refund Comes, Protect Your IdentityIdentity theft during tax season is a real problem. According to the IRS, thousands of individual taxpayers have lost millions of combined dollars through tax scams. The best way to protect your identity — and your tax money — is to know how the IRS communicates with taxpayers. You should never hear from the IRS through email, text or social media. You can automatically discard any phishing attempts that come through these channels. If you owe taxes, know that IRS collection employees must show you two forms of credentials and will never request payment on the spot. When you do make an IRS payment, it should always be made to the U.S. Treasury. You can report phone scams to the Federal Trade Commission and phishing schemes directly to the IRS. Also, be aware of how to inadvertently commit tax fraud on your own. If you don’t feel confident that all of the deductions you’re claiming are legitimate, you should hire a professional. Learn: 18 Medical Expenses You Can Deduct From Your Taxes Plan for Your Future Preparing for the IRS Refund ScheduleProperly filing your taxes and keeping relevant information on hand can help you track your IRS refund status. Filing your tax returns electronically can help expedite the process, as can opting for direct deposit rather than a paper check in the mail. With multiple options to contact the IRS, it’s easy to find out when you’ll get your tax refund this year. Once you receive your money, the only thing left to do is to decide how to spend it. Click through to read more on your chances of being audited by the IRS. More From GOBankingRates
|
|
||||||||||||||||||||||||||||||
Routing #: 221379824
REMEMBER! NEVER give out your sensitive information (SSN, account/card numbers, online banking credentials, etc.) to someone claiming to be from Sunmark Credit Union. If anyone contacts you in ANY WAY (email, phone, text, etc.) stop all communication and call us at 866-SUNMARK to verify the legitimacy of the request.
