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short version
- Choosing electronic filing and direct deposit is the fastest way to get your income tax refund.
- You can use the IRS website or app and/or tools provided by your tax software program to check the IRS refund status and determine how long it will take to process your return.
- Things like the earned income tax credit and additional child tax credits can delay the return of your taxes.
When someone owes you money, you want to know when they will pay you back.
When government That money can’t come fast enough, especially if the government owes you money because you paid too much tax.
After you file your 2022 tax returns, you’ll want to know exactly when you’ll receive the cash you’re eligible to receive.Unfortunately you can’t know that’s right, but can be predicted fairly well using the IRS refund schedule for 2023. Let’s get into it.
What is the IRS refund schedule (2023)?
The IRS refund schedule predicts when you will receive your tax refund, depending on how and when you file.
2023 tax deadline looming April 18th instead of the usual April 15th. This means that all taxpayers have until April 18th to file their tax returns, but the tax season officially started on January 23rd. The schedule for doing so varies.
Here’s a quick breakdown of the 2023 IRS tax refund schedule:
- Electronic Filing Tax Filing | Direct Deposit: You should expect to receive your refund within 3 weeks (usually 21 days) of your application.
- Electronic Filing Tax Filing | Check: You should expect to receive your refund within 3-4 weeks of your application
- Tax returns filed on paper | Direct deposit: Expect to receive your refund within 3 weeks of your application
- Tax returns filed on paper | Checks: You should expect to receive your refund within 6-8 weeks of your application
E-filing, which has always been our preferred method, allows you to receive your tax refund within the next period. 21 days after submitting the returnThis will take approximately two weeks for processing and payment once the return has been received and approved.
Generally, the IRS will allow 24 to 48 hours to accept your return if you file it electronically, an additional 48 hours to approve it, and up to 48 hours to submit your refund using your preferred payment method. It takes 19 days (usually less).
However, if you choose a paper file instead, the IRS may take up to six weeks to process your tax return and send your payment.
The point is, the amount of time it takes to receive your tax refund payment after you have fully filed your return depends on how you filed and how you received your refund.
Note that there are some exceptions to this schedule if the IRS needs more time to review your return, if there are issues processing your return, and/or if you are eligible for certain tax credits. please.
For example, tax returns containing income tax credits (EITC) and child tax credits (CTC) take longer to process, so the IRS won’t start issuing those refunds before mid-February. Most people who applied in late January and chose direct deposit for their refund should have received their refund by February 28th.
How to contact the IRS
So what if you know you submitted correctly, but you still haven’t received your refund?
Please refrain from contacting the IRS about your tax refund until it is completed. at least 4 weeks Because you filed a complete federal tax return. This is the time the IRS requests to allow processing and general delays. If you decide to get in touch, please be prepared to call 1-800-829-4477 and provide the social security number, application status, and total refund amount for the return you are calling.
What is the fastest (and slowest) way to get a refund?
File your return electronically each year and choose direct debit for payment, which is the fastest way to receive your IRS tax refund. And this is still true for him in 2023.
The slowest way to get your money is to file a paper tax return. If you choose to mail a paper check instead of a fixed deposit, it will take longer. Direct deposits will arrive in the taxpayer’s bank account immediately after processing, but if you choose to receive your refund as a paper check, it may take longer due to mailing delays.
If you have not yet filed and would like to receive your tax refund as soon as possible, filing electronically and choosing direct deposit is the fastest, easiest, and safest option.
How to track your IRS tax refund online
There are several ways to track your IRS refund online. The first is to go directly through IRS website The second is IRS2Go Mobile AppBoth of these are official tracking options offered by the IRS and are available to all tax filers. A return status can be displayed in one of three stages:
- Returns accepted
- Refund Approved
- Sent refund
If you filed electronically, you can start tracking your tax refund as little as 24 hours after you submit your return. If you have submitted your documents, he will wait four weeks to confirm your status.
We encourage you to check back frequently to ensure your tax returns have been received. If there is a problem processing your return, you will be able to see the delay and contact the IRS to find out why. It could be something as simple as a typo in your SSN number.
Many tax software programs such as TurboTax, H&R Block and TaxAct also include their own refund tracking capabilities. These work in much the same way as the programs offered by the IRS.
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How long will you be back?
If you qualify for a tax refund (not everyone does; some people end up in debt due to changes in income mid-year, deductions, etc.). I’ll get back to you after filing. You can also estimate your refund before initiating the return.
In 2023, many tax filers should expect a smaller refund than they received in 2022 and 2021. This includes the fact that the taxpayer will not receive stimulus payments this year like she did in 2022, and the temporary increase in the child tax credit during the pandemic will return to normal inflation-adjusted levels. I’m back
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What happens if I apply for a tax extension in 2023?
got it. Whether you’ve experienced tax season 100 times or it’s your first time, there are many.
If you feel that you will not receive your return by the tax deadline, you have the option to apply for an extension. In 2023, this will extend the date from he April 18th to he October 16th. Request an extension using Form 4868 Before the tax filing deadline to qualify. In order to file Form 4868, you will need to provide an estimate of your tax liability.
The extension gives you more time to put together your tax documents, but it doesn’t no Give more time to pay what you owe. If you owe state or federal taxes, you are responsible for paying them by the tax return deadline, even if the return has not been filed.
What happens if I don’t file (or pay) my taxes on time?
The IRS will accept late filings without a formal extension, but there are major (potential) caveats. If you file late and you owe tax, you will have to pay interest and fees until you file and pay. There are no penalties for late submissions that must be reimbursed. As of 2023, the IRS charges 7% interest on overpayments.
However, if you receive a refund but do not file your taxes on time, you will not receive payment on time. The tax refund schedule is premised on filing the return on time, with priority given to filers who filed their tax returns by the deadline over those who did not.If submitted after the due date, a maximum of 6 weeks to process.
If you miss the deadline, you can still file your electronic tax return for free using the IRS Free File until October 15th.
What if I need more time to pay?
This is a completely different situation. If you are behind on your taxes and can’t pay them by the deadline, Apply for payment planThe IRS accepts payment plan applications from most filers. If you pay less than $50,000 in taxes and have filed all the required tax returns, you may be eligible for a long-term installment plan with monthly payments. If the debt is less than $100,000, he may be eligible for a short-term installment agreement of less than 180 days.
How to get your tax refund faster
If for some reason you really expect a tax refund, you may be able to expedite it. This option is usually reserved for people experiencing financial hardship who need money for basic living expenses, necessities, etc. It cannot be used to repay debts.
Eligibility for expedited refunds is determined on a case-by-case basis. To find out if you are eligible, you should contact the IRS directly. You can contact us about this before or after submission.
Conclusion
The good old Internal Revenue Service will give you your tax refund as quickly as possible, but it’s understandable to feel anxious when you find out you’re eligible for a refund. Apply electronically and deposit directly into your refund Choosing is the fastest way to get refunds this season’s application 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 program to check the status of your personal income tax return and get a more accurate estimate.