Now is the time of the year when so many are anxiously awaiting their tax refund. Now, I’m sure most of you already have plans on how you’ll spend (or save) your hard-earned money. So here’s how to check for when that money will actually land in your account.
Check for your tax refund online
Did you know you can check the status of your tax refund on the IRS website? The “Where’s My Refund?” tool will provide you with refund information in 24 hours for e-file returns and four weeks for paper returns.
Just be sure to have your social security number or ITIN, filing status and your exact refund amount handy.
You can also check the status of your refund using the IRS2Go app.
The IRS encourages filers to use these online tools instead of calling them directly. Also, don’t try to email, text, or use social media to retrieve personal or financial information from the IRS. They just won’t respond.
When should you expect your refund?
While the IRS issues more than nine out of ten refunds in less than 21 days, according to a report issued by the IRS, there are some exceptions.
The IRS takes longer to issue refunds for those who claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). Also, if there were any mistakes on your application, it will take the IRS longer to process those returns.
The fastest way to get your refund is to use e-file and direct deposit. This is a much faster method than mailing in paper returns.
A few more tips
If you missed the deadline to file, find out what will happen and how to best proceed.
If you filed an extension, don’t worry you aren’t alone. One of our favorite options for filing after an extension is Visor. Learn more about them here.
If you are receiving a refund, don’t just spend it, make sure to put it to good use saving it or investing it.
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