When Am I Getting My Tax Refund - This is a question that comes up every year for many Americans around tax season. Waiting on your tax refund can be stressful, especially if you are counting on it for bills or savings. While there are some cases where tax refunds may be delayed, there are also some things you can do to make sure your refund arrives on time. Let's go through some helpful tips, ideas and how-tos to help you get your refund quicker and easier this year.
Why Is My Tax Refund Delayed?
1. Incorrect Information
One of the most common reasons for a delayed tax refund is incorrect information. This can include anything from a misspelled name, incorrect Social Security number or even a mistake in your direct deposit information. Before you file your taxes, take the time to double-check all your information to make sure it is entered correctly. The IRS may also need to verify some of your information, which can cause a delay in processing your return.
2. Filing Before the IRS Accepts Returns
Another reason for a delayed refund is filing your tax return before the IRS officially begins accepting returns. The IRS typically begins accepting returns in mid-January, and early filers can expect to receive their refund later than those who file a few weeks later. Make sure to check the IRS website or your tax preparation software to find out when the IRS will begin accepting returns.
3. Claiming Certain Credits or Deductions
Certain tax credits or deductions can also cause a delay in your refund. For example, if you claim the Earned Income Tax Credit, the IRS may need to conduct a more thorough review of your return, which can take several weeks. The same goes for claiming the Additional Child Tax Credit or the American Opportunity Tax Credit.
When Will I Get My Refund?
1. E-filed Returns
If you e-file your tax return and have your refund direct deposited, you can expect to receive your refund within 21 days of your return being accepted by the IRS. However, if there are any issues with your return, such as incorrect information, you may receive a notice from the IRS and need to submit additional information, which can delay your refund.
2. Paper Returns
If you file a paper return, it can take up to six weeks for the IRS to process your return and issue your refund. If you haven't received your refund after six weeks, you can contact the IRS to check on the status of your return.
3. Status Updates
You can check on the status of your refund by visiting the IRS website and using the "Where's My Refund?" tool. You will need to enter your Social Security number, filing status and the exact amount of your anticipated refund. The tool will give you an estimated date of when you can expect to receive your refund.
How Can I Get My Refund Quicker?
1. E-file and Direct Deposit
The quickest way to receive your refund is by e-filing your tax return and selecting direct deposit. This way, you can receive your refund in as little as 21 days after your return is accepted by the IRS.
2. Avoid Common Mistakes
To avoid delays, make sure you check and double-check all your information before submitting your tax return. This includes your name, Social Security number and direct deposit information. Also, be sure to claim only the deductions and credits you are eligible for to avoid any additional review by the IRS.
3. File Later in the Tax Season
If you aren't in a hurry to receive your refund, consider waiting a few weeks before filing your tax return. This will give the IRS time to work out any initial kinks in the system and can result in a quicker refund for you.
4. Track Your Refund
As mentioned before, you can check on the status of your refund by using the "Where's My Refund?" tool on the IRS website. This way, you can stay updated on the status of your refund and take any necessary steps to speed up the process if needed.
Conclusion
Waiting on your tax refund can be nerve-wracking, but there are steps you can take to ensure you receive it as quickly as possible. By avoiding common mistakes, filing electronically and selecting direct deposit, you can receive your refund in as little as 21 days. If your refund is delayed, be sure to check the status regularly and take any necessary steps to speed up the process.
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