How Long Does It Take The IRS To Process A Tax Refund?

Going through the burdensome process of filing taxes does not mean you can have a sigh of relief. That is because you will start tapping your feet and wondering how long it takes to get a tax refund. As excited as you may be to get that refund, it is important to check from your federal income tax return. At times, you will be disappointed with IRS processing times. This article aims to decipher how long it may take to get a federal tax refund.

How Long Will My Tax Refund Take?

Getting a tax refund depends largely on how you file tax returns. The option that takes less time is the e-file method of filing returns and receiving the refund via direct deposit. The IRS confirms that over 90% of taxpayers who use the e-file option receive their refund within 21 days. This implies that your bank will have the tax refund amount within three weeks from the day the IRS accepts your tax return. Of course, it may then take up to a few additional days for your bank to make the funds available to for your use.

Most notably, tax return made through paperwork will make the process of getting a refund to take longer. Moreover, the process may also take longer if you want to receive the tax refund as a paper check. Both of these options will take the longest to process at two months or more. Therefore, you may want to consider the electronic route if you want the process of getting a tax refund to be swifter.

How to Check the Tax Refund Status

If you are not sure how long does it take to get a tax refund, you can check the status of your federal tax refund. You can check the Tax Refund Status using the “Where’s My Refund?” option on the IRS website. On your mobile device, you can access that tool on the IRS2Go mobile application. Otherwise, you can get help through telephone assistance.

Normally, the return’s status will be available within 24 hours if you file electronically. When you mail a paper return, it may take at least four weeks before checking the status of your return.

The “Where’s My Refund?” tool gets you personalized refund information based on the processing of your tax return. This tool provides an actual refund date as soon as the IRS processes the tax return and approves the refund. A taxpayer can start checking the status of your refund within 24 hours after you has e-filed your return.

Remember, selecting to e-filing and choosing direct deposit is the fastest way to get your refund.

When checking the status of your tax refund, you need three pieces of information.

•         Social Security number (SSN)

•         Your filing status

•         The exact dollar amount of you expect as a refund

Reasons why a tax refund may be delayed

As mentioned above, most taxpayers receive their refund within 21 days of filing. However, the check is not in the mail or deposited to your bank account as quickly as one would like. Often, the delays in receiving tax refunds are because of matters within a taxpayer’s control. The following are some of the common mistakes that may cause a delay in the processing of your tax refund.

Typing mistakes

The IRS will notice when one spells his or her name incorrectly, reverses any digits of the Social Security number (SSN) or for someone else on your return. Poor handwriting can also cause entry errors. The IRS includes all these on its list of common taxpayer mistakes. Any of them is enough to delay a tax refund.

Calculation mistakes

It is evidently clear that tax returns involve many math calculations and the trickle-down theory applies. If you fail to get only one calculation correct, the math error trickles down to make your tax return bear inaccuracies. This may make it impossible for the IRS to process your tax refund.

Incorrect line entries

There is a high tendency to make entries on the wrong entry lines, especially if you fill out your tax forms by hand. It may seem like a small matter but with a huge repercussion. You will only confuse the IRS and this may cause a delay in processing until the mistake is cleared. 

Early or last-minute tax filing

Filing your taxes too early may not be the best thing to do. The IRS has not finalized preparing their software to handle all the necessary tax forms. This automatically means that your tax refund will delay. On the other hand, filing at the last minute of the deadline will not be the best option. Taxpayers who file late makes part of the grand swarm of last-minute fliers who make the system to have delays.

Mount Bonnell advisors are here to help you with all your tax issues. Contact us for assistance or advice concerning delays in tax refunds.