As many of the taxpayers must have known that IRS has started accepting returns on January 27th, 2020. Most of the refunds are still going to be issued in less than 21 days by the IRS after the return has been accepted. There are also going to be a few things that can affect the timing of your refund, which will consist of:
• Mode Of Sending Your Return
If you send your return electronically, then it lets the IRS process it faster as compared to the mail.
• Timings For Your Filing
It is well said that earlier you file, the earlier your return may possibly be processed. So, it also depends when you filed your return.
• Type of Credits You Claimed
If you have claimed certain credits, then you can cause your refund to be delayed.
The tax refund often is the single largest amount of money they are going to see at once. It’s considered to be that windfall that can plug holes in a budget.
Talking about the year 2019, the average federal income tax refund was $2,869 that was based on returns that have been filed through 27th December 2019. That’s down a little from an average of $2,910 in the year 2018.
If in case you file your tax return electronically, then you can often forestall getting a refund within 21 days. Nevertheless, a lot of us think that’s even too long to wait.
Morduch said, “Often people who are living close to their means have built up debt and they see the tax refund as a way to clear a chunk of that debt,”
“They might have built up debt over Christmas and the tax refund is an important part of squaring their balances.”
Here is IRS Refund Schedule:
The IRS usually sends out refunds on a schedule. This schedule, on the other hand, varies by the technique you sent your return in, when you file, as well as what credits you claim. Here is a projected schedule in the chart below.
This time period schedule is based on how long it is going to take to receive your refund from the time your return is accepted.
• E-file and direct deposit: 1-3 weeks
• E-file and check: 1 month
• Mail-in return and direct deposit: 3 weeks
• Mail-in return and check: 2 months
Important Tax Dates To Remember
• IRS Started Processing Returns: 27th January 2020
• Last Date to file and pay your tax bill if you have one: 15th April 2020
• Last Date to file an extended return: 15th October 2020
Tax Return Is Accepted: What Does It Mean?
When you receive confirmation that your return was accepted by the IRS, then it simply means that they have reviewed your return and have now approved it. As soon as your return is accepted, the IRS is going to fund your refund on the basis of the schedule.
Track Your Refund
Tracking your refund is quite simple, you just simply have to download the IRS2Go app to check your tax refund status. In addition, you can also go online to check “Where’s My Refund” for your personalized refund date. Or see www.irs.gov/refunds.
The refund helpline number which has been provided Internal Revenue Service is 800-829-1954. But at the same time, the IRS also states that you should only call if it has been 21 days or more after you have e-filed, or else six weeks or more since you mailed your return, or when “Where’s My Refund” report tells you to contact the IRS.
For checking your refund status, all you need to have is the Social Security number or ITIN shown on your tax return, your filing status and your exact refund amount.
File Electronically or Mail-in My Return: Which One Is Faster?
Well, in most of the cases, it is faster to file your return electronically. The IRS, on the other hand, receives these returns that are faster than those which were mailed in, after which it helps in shortening the time in between when you submitted your return and when you are going to get your refund.
Is It Useful To File My Taxes Early?
It is very useful to file your taxes early as it consists of many advantages for helping you during the tax season. These also consist of reducing stress, having more time to pay if you owe money on your taxes as well as getting your refund earlier and quicker.
One must take note that taxes are due on Wednesday, April 15, 2020. If in case you did not file your return before the deadline, then you could be charged late filing fees and other penalties. But, at the same time, if you need more time, then there’s good news for you, as you can file a request for an extension with the IRS.