For some taxpayers, tax season can be an anxious and upsetting time, but when they get their IRS refunds, it will all be worthwhile.
The Internal Revenue Service reports that most refunds arrive within 10 to 21 days, however the exact time may vary based on a number of circumstances.
Many people eagerly await the day when extra money appears in their bank accounts or wallets.
According to the website Tax Layer, the IRS typically issues refunds in accordance with a predetermined timetable that varies based on the credits you claim, the method you chose to file your return, and the date you file it.
The filing technique affects how long it takes for a refund to be processed, and electronically filed returns are processed more quickly than paper forms, according to Copy Buzz.
Additionally, selecting direct deposit over a check in the mail expedites the return procedure.
Utilizing certain tax credits also affects how long it takes to get your refund.
For example, people who claim the Child Tax Credit (CTC) or Earned Income Tax Credit (EITC) may have to wait longer to get their money because the IRS is legally required to withhold refunds from these claims until at least mid-February.
Average turnaround times by refund distribution method and filing:
Filing Method | Deposit Type | Estimated Timeframe |
E-filing | Direct Deposit | 1 to 3 weeks |
Electronic Filing | Check | 1 month |
Statement by Mail | Direct Deposit | 3 weeks |
Statement by Mail | Check | 2 months |
In the second week of April, who gets their deposit?
Refunds for those who electronically filed their returns between March 18 and 24 and chose direct deposit are anticipated to be available on April 14.
The payment is expected to arrive on Monday, April 7 for people who submitted their returns during the second week of February and opted for a check payment.
This information has been sourced from marca.
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