Tax season is officially here and many Americans are hoping to get their refund as soon as possible.
So how long do taxpayers typically have to wait for their refund check after filing? Most refunds will be issued in less than 21 days, as long as the return doesn’t require further review, according to the Internal Revenue Service.
Refund information will typically be available within 24 hours after the IRS acknowledges receipt of an electronically filed return or four weeks if you mail a paper return. You can track its progress using the “Where’s My Refund?” app online or the free IRS mobile app IRS2Go.
Taxes 2020:When to file and what changes to expect
Refund delays, aging tech and confusing letters:Top IRS challenges for taxpayers
What’s the fastest way to get a refund?
Whether you file electronically or on paper, the fastest way to get a refund is through direct deposit. Eight in 10 taxpayers get their refunds faster by using e-file and direct deposit, according to the IRS. The agency expects about 90% of individuals to file their returns electronically. You can also use direct deposit if you file by paper.
Is my tax refund lost?
To avoid refund delays, be sure to gather year-end income documents before filing a 2019 tax return. Experts say that will help filers avoid refund delays and the need to file an amended return. If you file too early before receiving a key document, it could mean that you must file an amended return to report additional income or claim a refund. It can take up to 16 weeks to process an amended return and issue any related refund, the IRS said.
How long will refunds take for EITC and ACTC filers?
If you claim the Earned Income Tax Credit or the Additional Child Tax Credit on your tax return, the IRS can’t issue a refund before mid-February. The IRS expects most EITC and ACTC refunds to be available in bank accounts by the first week of March if the taxpayer chooses direct deposit.
How do I split my refund?
A split refund allows filers to divide their money in any proportion in up to three different accounts through direct deposit. Splitting a refund won’t cause a delay, according to the IRS. The deposit to each account must be at least one dollar and the accounts must be in your name. You can split refunds either electronically or on paper, but IRS recommends using e-file to avoid mistakes.
You can also use part or all of your refund to buy up to $5,000 in paper or electronic savings bonds for yourself or someone else.
To split your refund, follow the instructions that your tax software provides to do it electronically, the IRS says. If you’re filing a paper return, complete and attach form 8888 to your federal income tax return.