Tax season is now in full swing after the delay that was caused by the Government Shutdown in 2013. Now, taxpayers are eagerly wondering when they are going to receive their IRS tax refunds. Therefore, today we are going to cover basic things that will help you determine where your IRS tax refund is.
When to check for your IRS tax refund
In order to check the status of your IRS Tax refunds go to the IRS official site. You can check the status of your refund within 24 hours after the IRS has received your e-filed tax refund. Alternatively, if you have paper filed you can check four weeks after you have mailed the IRS your return.
The “Where’s My Refund” section of the IRS site is updated once every twenty-four hours. So, if you check one day and do not find what you are looking for wait at least 24 hours before checking again. Additionally, in order to check the status of your refund you are going to need to have your social security number, filing status, and the exact amount of your refund.
When to expect your refund
This year the IRS has decided to delay the opening of tax filing season until the end of Jan. However, they have revealed that they will be issuing refunds in around 21 days or less. If you need to know when you can expect to get your refund you can see the tax refund cycle chart for 2014 here.
However, keep in mind that the IRS has to process your return first as well as approve your refund. The app and the site can give you a personalized date only after your refund has been approved by the IRS.
How to know when the IRS has received and processed your return?
When you use the IRS tool or the mobile app, you will be able to monitor their process. It will let you know when your tax return has been received as well as when your refund has been approved. When it tells, you that your return has been received this means that your return is being processed.
Once the refund is approved, you should receive your refund in 21 days max. However, keep in mind that the 21 days is just an estimate from the IRS it is not something that is set in stone. Additionally, when your return is received it does not mean that your refund is going to be approved the same day. Sometimes refunds are approved in a couple of days while other times it can take longer for your return to be processed.
Refund not received after 21 days – What now?
The IRS works hard to get taxpayers their refunds as quickly as possible. However, sometimes tax returns can take longer to process due to things such as errors, incompleteness, additional reviewing needed, identity theft/fraud issues, or a Form 8739. In the event that the IRS needs more time to process your return, they will contact you via mail.
If you have not received your refund yet make sure you, use the tool available on the IRS website or their mobile app. Keep in mind you should expect your refund no sooner than twenty-one days.
To ensure that you get your refund as fast as possible it is suggested that you e-file instead of paper filing with a software such as TurboTax Online. Turbo Tax insures that your return is accurate before it goes to the IRS and they provide you with the largest refund ever.