Tax season is finally here. If you recently filed your tax return and are owed a refund, you may be wondering when the funds will hit your bank account (or arrive in the mail if you requested a refund by check). Read on to view the IRS timeline for processing refunds and learn what you can do to get your refund faster.
What Is the Standard IRS Refund Schedule?
Once you’ve filed your return and received a notification from the Internal Revenue Service (IRS) that it was accepted, here’s when you can expect to receive your refund:
- If you E-filed your return and requested direct deposit, expect to receive your refund in one to three weeks.
- If you E-filed your return and requested a paper check by mail, expect to receive your refund in one month.
- If you mailed your return to the IRS and requested direct deposit, expect to receive your refund in three weeks.
- If you mailed your return to the IRS and requested a paper check by mail, expect to receive your refund in two months.
Tips To Get Your Tax Refund Faster
When you file your tax return electronically, the IRS receives it sooner. This cuts down on the processing time, and you’re able to receive your tax refund faster than you would if you mailed in a paper return.
The earlier you file, the sooner you can get your refund. Plus, you’ll avoid the added stress of scrambling to gather your documents or find a reputable tax software program or provider to prepare your return and submit it before the filing deadline.
Check For Mistakes Before Filing
If there are discrepancies between the information on your return and what the IRS has on file, your tax return could be rejected. Consequently, your refund will be delayed until you resolve the issues and get an acceptance from the IRS.
Choose Direct Deposit For Your Refund
As evidenced by the refund schedule above, direct deposit is the fastest way to get your refund. If you elect to receive what you’re owed by check, you’ll have to wait two to three additional weeks to receive your refund check in the mail.
Choose Best Bank Account To Deposit Your Refund
You want to ensure the account information listed on your tax refund is accurate to prevent any processing delays. It’s equally important to use an account that lets you access your money as soon as possible.
Consider an account from an online banking platform, like Current, that gets you access to your tax refund up to five days sooner1. All you have to do is file your return with TurboTax and elect to have your refund electronically deposited to your Current Premium account.
Track Your IRS Refund Status
The “Where”s My Refund?” page on the IRS website lets you track your refund status 24/7. Updates are available 34 hours after e-filing. You’ll need your Social Security number or ITIN, refund amount and filing status to inquire about your refund using this tool.
IRS Tax Refund FAQs
Yes. Tax software programs encrypt user data to shield it from cyber thieves and minimize the chances of identity theft or fraudulent activity occurring.
The IRS will alert you (via email or text) within 24 to 48 hours regarding the status of your return. If it’s accepted, you can refer to the refund schedule listed above to determine when you can expect your tax refund (if applicable). But if your return is rejected, you will have to resolve any issues or discrepancies and resubmit it to the IRS for acceptance.
Use the “Where’s My Refund” tool on the IRS website to check your refund status. You’ll need your Social security number or ITIN, filing status and amount of your refund to view the date your refund is projected to arrive in your account or by mail.
You should E-File your tax return if you want to receive your refund faster. It’s also a more convenient method that enables you to maintain electronic records. In addition, using reputable tax software can help minimize errors that sometimes occur with returns that are completed manually and mailed to the IRS.
You could incur late filing fees and penalties if you miss the tax filing deadline, which is Monday, April 18, 2022. So, it’s ideal to file an extension in advance if you believe you’ll need more time to prepare your tax return. You’ll have until October 17, 2022, to file your return if the IRS approves your request for an extension.
How to Get Your Tax Refund Earlier
Ready to file your tax return and get your refund up to five days sooner? Sign up for a Current Premium account today. It’s only $4.99 per month (following the 30-day trial) and also includes these features:
- A Visa debit card with a secured chip and tap-to-pay functionality
- Early direct deposit (up to two days early1)
- Three Savings Pods that pay you 4.00% Annual Percentage Yield2 on your money
- Fee-free overdraft protection (of up to $2003)
- Instant removal of gas station authorization holds
- Generous cashback rewards
- Fee-free ATM withdrawals at Allpoint ATMs in the US4
- Instant money transfers and mobile check deposits
- Spending insights, real-time purchase alerts, and money management tools
Download the Current mobile app and open up your account in less than two minutes today! It’s available on Google Play and in the AppStore.