Many people dread tax season. Firstly, the IRS has extended the tax filing deadline by one month to May Secondly, with your extra funds, you may be able to pay off some debt, start saving in a high-interest savings account or work with a financial advisor to set and reach investing and retirement goals.
Most people will get their tax refund within three weeks, but it varies based on how you file and how you get your refund. If you submit your tax return electronically, you can check the status of your refund within 24 hours. Keep in mind that usually you can file your taxes in January. That may require further identity verification and delay your tax refund. Most taxpayers receive their refunds within 21 days.
For some early filers, the wait for a tax refund has been six weeks to eight weeks already — far longer than a typical wait of 21 days or less — after filing their income tax returns in February or March.
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Her grandson Ja'Tavion Walker, 14, who lives with her, is getting a ride from his basketball coach until she's able to afford repairs to the catalytic converter on her Cadillac SRX Sport Utility. And fortunately, she hasn't had to drive her granddaughter Don'Jhanaya Buck, 11, who also lives with her, to a long list of dance competitions elsewhere in Michigan during pandemic-related pauses.
Her tax return was filed Feb. But until it arrives, she's hoping to delay fixing the car. The official tax deadline of April 15 was extended until May 17 to reflect some of the challenges taxpayers and tax professionals continue to face during the pandemic. Many people filed already, though, in order to claim a recovery rebate credit to collect stimulus money that they're still owed. Many don't wait until the last minute because they depend on their refunds to pay big bills.
The IRS had received It processed At the same time, roughly 9. Through April 9, the agency hadissued As of April 9, the IRS said it had yet to complete 1. As of mid-April, Brown said he had about 15 clients who continued to wait for their refunds. Most of the clients still waiting — 10 out of the 15 — claimed the earned income tax credit, which is designed to help low- to moderate-income workers and families get a generous tax break. They're "the very ones that need the refunds to help through these tough times," Brown said.
Their refund typically would have shown up by early to mid-March, given that the returns were filed electronically in February. The taxpayer with the biggest refund owed had claimed the earned income tax credit, the additional child tax credit and the Recover Rebate Credit for a newborn in Brown puts some of the blame on a long-understaffed IRS, adding that the emergency measures triggered during the coronavirus crisis only made matters worse.
Susan Allen, senior manager for tax practice and ethics with the American Institute of CPAs, said the IRS has issued guidance to tax professionals this year noting that in some situations, it may take more than the typical wait of 21 days or less to issue any related refund. Experts say the IRS has been working to develop improved fraud detection tools, which causes an additional review when a return gets caught by the filters.
A review by the IRS means that taxpayers will wait longer for refund cash for many tax returns. Filing method and refund delivery method How long it takes to receive your refund from the time your return is accepted E-file and direct deposit weeks E-file and check 1 month Mail in return and direct deposit 3 weeks Mail in return and check 2 months When will I receive my tax refund?
What happens after I e-file? What does it mean when my tax return is accepted? Is it faster to file electronically or mail in my return?
What tax breaks can affect the timing of my refund? Should I file my taxes early? What if I miss the deadline? Are there any important tax dates to know? Yes, the following dates are important to keep in mind for tax season. Deadline to file and pay your tax bill if you have one is April 18, Deadline to file an extended return is October 17, Click here for a more complete list of important tax dates.
The information in this article is current through tax year Share article:. Get started today to get your maximum refund. September 7, Tax Life Events. August 28, Tax Law Changes , Tax Tips.
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