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IRS Refund Schedule 2023 | investor junkie

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short version

  • Choosing electronic filing and direct deposit is the fastest way to get your income tax refund.
  • You can check your IRS refund status using the IRS website or app and/or tools provided by tax software programs to find out how long your refund may take to process.
  • Things like the Earned Income Tax Credit and the Additional Child Tax Credit can delay your tax refund.

When someone owes you money, you want to know when they’re going to pay you back. If you like them a lot, maybe you should give them a little more time, but you still want to know.

When Government You owe money, especially when the government owes you money because you overpaid your taxes, that money can’t come fast.

After filing your 2022 tax return, you’ll want to know when to expect the cash you’re entitled to. well, unfortunately, you can’t know Absolutely, but you can estimate fairly well using the IRS refund schedule for 2023. Here, we’ll share details about when refunds will be dispatched as well as what factors can affect their delivery. Let’s join in.

The IRS refund schedule predicts when you might get your tax refund based on how and when you file.

Tax deadline expires in 2023 18 April instead of the usual 15 April, This means that all taxpayers have till April 18 to file their tax returns, but the tax season officially started on January 23. The IRS accepts tax refunds from the start date of the tax season and issues refunds throughout the year. The schedule for this varies.

Here’s a simple breakdown of the IRS tax refund schedule for 2023.

  • E-File Tax Return | direct deposit: Expect to receive your refund within three weeks of filing (usually 21 days)
  • E-File Tax Return | Paper Check: Expect to receive your refund within three to four weeks after filing
  • Paper Filed Tax Return | direct deposit: Expect to receive your refund within three weeks of filing
  • Paper Filed Tax Return | Paper Check: Expect to receive your refund within six to eight weeks after filing

When you e-file, which is always our preferred method, you should get your tax refund in no time 21 days after submitting your return, This factors in approximately two weeks for processing and payment after your return is received and approved.

Typically, the IRS needs between 24 and 48 hours to accept your return if you file electronically, another 48 hours to approve it and your preferred payment method (usually less). Up to 19 days to send your refund using

But if you choose to paper file instead, it can take up to six weeks for the IRS to process your tax return and send your payment.

The point is, how long it takes to receive your tax refund payment after you’ve fully submitted your return depends on how you file and how you choose to receive your refund. .

Note that there may be exceptions to this schedule if the IRS needs more time to review your return, if there is a problem processing your return, and/or if you qualify for certain tax credits. Are.

For example, tax returns that include the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) take longer to process, so the IRS doesn’t start issuing refunds for them until mid-February. Most people who filed in late January and chose direct deposit for their refund should have received it by February 28.

How to Contact the IRS

So what should you do if you know you filed correctly and your refund still isn’t here?

Don’t Contact the IRS About Your Tax Refund Until It’s Due at least four weeks Since you filed your complete federal tax return. This is the time the IRS asks you for permission for processing and general delays. If you decide to make contact, call 1-800-829-4477 and provide the Social Security number for the return you are calling, as well as your filing status and the total amount of your refund. Be ready to do.

What are the fastest (and slowest) ways to get your refund?

Year after year, e-filing your return and choosing direct deposit for payouts is the fastest way to get your IRS tax refund. And that’s true in 2023.

The slowest way to get your money is to file your tax return on paper, and it’s even slower if you choose to mail a paper check to you instead of direct deposit. While direct deposit arrives in taxpayer bank accounts almost immediately, it can take longer to receive your refund in the form of a paper check due to mail delivery delays.

If you haven’t filed yet and want to receive your tax refund as quickly as possible, choosing to file electronically and direct deposit is the fastest, easiest, and most secure way.

How to Track Your IRS Tax Refund Online

There are a few different ways to track your IRS refund online. go straight through first IRS website and second is to use IRS2Go Mobile App, Both of these are official tracking options offered by the IRS that are available to all tax filers. They will show the status of your withdrawal in one of three stages:

  1. return received
  2. Refund Accepted
  3. Refund sent

If you filed electronically, you can begin tracking your tax refund within 24 hours after you submit your return. If you filed papers, wait four weeks to check the status.

We always recommend making sure your tax return is received. If there’s a problem processing your return, you should be able to see that it’s stuck and can contact the IRS to find out. It could be as simple as mistyping the numbers in your SSN.

Many tax software programs such as TurboTax, H&R BlockAnd TaxAct Include your own refund tracking features as well. These work in much the same way as the programs provided by the IRS.

, Get more information: Best Tax Software 2023 for Investors

How much will you get back?

If you’re entitled to a tax refund at all (which isn’t for everyone – some people are owed money in the middle of the year due to changes in your income, deductions, etc.), you’ll see how much you’ll actually get in the filing. back after doing. You can also estimate your refund before starting your return.

In 2023, many tax filers should expect smaller refunds than in 2022 and 2021. This is for a few reasons, including the fact that taxpayers will not receive a stimulus payment this year as they could in 2022 and that some tax credits, such as the Child Tax Credit, which was temporarily extended during the pandemic, are not normal. , has returned to inflation-adjusted levels.

, Get more information: 9 Ways To Reduce Your Taxable Income In 2023

What If You File a Tax Extension in 2023?

We got it. Tax season is a lot whether you’ve seen it a hundred times or you’re experiencing it for the first time.

When you feel that you will not be able to receive your return by the tax due date, you have the option of applying for an extension. In 2023, it moves the due date from April 18 to October 16. do you want it Request an Extension Using Form 4868 before the tax filing deadline to qualify. To file Form 4868, you must provide an estimate of your tax liability.

Extensions give you more time to get your tax documents together but do No Give you more time to pay what you owe. If you owe state or federal taxes, you will still be responsible for paying them by the tax filing deadline, even if your return hasn’t been filed.

What if you don’t file (or pay) your taxes on time?

The IRS accepts late returns even without an official extension, but with one (potentially) big caveat. If you file and pay taxes late, you’ll owe interest and fees until you file and pay them. If you file late and a refund is due, there is no penalty. Until 2023, the IRS charges an interest rate of 7% for underpayments.

But if you’re getting a refund and you don’t file your taxes on time, you won’t get paid on time. The tax refund schedule assumes that you received your return on time, and filers who received their tax returns by the deadline will be given priority over those who did not. If you file after the due date, you can expect your refund Six weeks to process.

If you miss the deadline, you can still file your tax refund electronically using IRS Free File until October 15.

What if you need more time to make the payment?

This is another situation entirely. If you owe taxes and can’t pay by the deadline, you can Apply for a Payment Plan, The IRS accepts applications for payment plans from most filers. If your tax liability is less than $50,000 and you’ve filed all of your required tax returns, you may qualify for a long-term installment agreement with monthly payments. If your liability is less than $100,000, you may be eligible for a short term installment agreement of less than 180 days.

How to get your tax refund faster

If you’re really counting on your tax refund for whatever reason, you may be able to get it sooner. This option is generally reserved for those facing financial hardship who need money for things like basic living expenses and necessities. You cannot use it to pay off other federal debt, such as student loans or child support.

Eligibility for an accelerated refund is determined on a case-by-case basis. You will need to contact the IRS directly to find out if you qualify. You can contact about this before or after filing.

Bottom-line

The good old Internal Revenue Service issues tax refunds as quickly as possible, but antsy when you find out you’re eligible for a refund are understandable. Filing electronically and choosing direct deposit for your refund is the way to go for a faster refund this filing season.

Use this IRS refund schedule for 2023 to find out when you can expect your refund. And of course, use the IRS’ refund tracking tool and tax software programs to check the status of your personal income tax return for more accurate estimates.

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