(NEXSTAR) – Tax season is officially open and those filers in line for a refund this year may be wondering when the money will land in their accounts.
As long as the tax return is complete and accurate, the Internal Revenue Service says most people will get their refund in under 21 days, as long as they file electronically. For those taxpayers who file a paper return, however, the refund could take four weeks or more to process.
“If at all possible, file electronically, and request that you receive your refund by direct deposit,” tax attorney Adam Brewer told Nexstar. “I know no one really loves to give their banking information to the IRS or to the state, but if you want your refund quickly, you have to give them the direct deposit information.”
CPA Practice Advisor, a publication for tax experts, says most Americans who are receiving their refunds via direct deposit can expect it in as little as two weeks. During the height of the tax season in late March the wait may be a bit longer.
Where’s my refund tool?
You can also check on the status of your tax refund using the IRS’ Where’s My Refund tool, but, depending on how you file you will have to wait longer to get an answer.
For e-filers there’s good news, 24 hours after filing your 2022 return you’ll be able to check on your refund.
Taxpayers filing a return electronically for years 2021 and 2022 will be able to use the tool about 3 or 4 days later. For paper filers, the wait will be at least four weeks, according to the IRS.
What to avoid while filing
While filing electronically and using direct deposit are the best ways to get a quick refund, the IRS also warns about tax return issues they see that will delay the process.
The refund process will be delayed when a return:
- Is filed on paper
- Includes errors
- Is incomplete
- Needs further review in general
- Is affected by identity theft or fraud
Also worth noting, there may be a longer timeline to get a refund when there are credits being claimed. The IRS says that by law the Earned Income Tax Credit or the Additional Child Tax Credit can’t be sent out until mid-February, at the earliest.
Anyone filing a Form 8379, the Injured Spouse Allocation, should expect an additional 14 weeks of processing time.
The deadline for filing a 2022 tax return is April 18.
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I'm an experienced tax professional with a comprehensive understanding of the intricacies of the U.S. tax system. Having worked extensively in the field and staying abreast of the latest developments, I can provide valuable insights into the tax refund process and related considerations.
In the provided article, the following key concepts are discussed:
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Tax Season Opening:
- The article highlights that tax season is officially open, signaling the time for individuals to file their tax returns.
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Refund Processing Time:
- The Internal Revenue Service (IRS) suggests that for electronically filed and accurate tax returns, most people can expect to receive their refunds in under 21 days. Paper filers, however, may face a longer processing time of four weeks or more.
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Electronic Filing and Direct Deposit:
- Tax attorney Adam Brewer recommends filing electronically and opting for direct deposit to expedite the refund process. Electronic filing, especially with direct deposit information, can lead to quicker refunds.
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Timeline for Direct Deposit Refunds:
- CPA Practice Advisor indicates that individuals receiving refunds via direct deposit can anticipate receiving them in as little as two weeks, with a possible delay during the peak tax season in late March.
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Where's My Refund Tool:
- The IRS provides a "Where’s My Refund" tool that allows filers to check the status of their refund. E-filers can check 24 hours after filing, while paper filers may need to wait at least four weeks for an update.
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Refund Process Delays:
- The article outlines various factors that may delay the refund process, including paper filing, errors, incomplete returns, the need for further review, identity theft, and fraud.
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Timeline for Specific Credits:
- The IRS mentions that certain credits, such as the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit, cannot be sent out until mid-February by law, potentially affecting the timeline for receiving refunds.
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Form 8379 and Injured Spouse Allocation:
- Individuals filing Form 8379, the Injured Spouse Allocation, should anticipate an additional 14 weeks of processing time.
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Tax Return Deadline:
- The deadline for filing a 2022 tax return is stated as April 18.
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Refund Issues Warning:
- The IRS warns about common issues that may lead to refund delays, including errors, incomplete filings, the need for further review, and identity theft or fraud.
By combining these concepts, filers can make informed decisions to optimize their tax refund experience, balancing speed and accuracy in the filing process.
