Tax season is always a nerve-wracking time of year. You can’t help but worry about how much you’re going to owe, or worse, if you’re going to owe. But if you’re due a refund, you’ll want to know how long it’s going to take to get that money back into your pocket. After all, the sooner you get your money, the sooner you can put it to good use.
In 2021 the Internal Revenue Service (IRS) began processing tax returns on February 12th. The IRS will accept tax returns filed through October 15th. That’s the official deadline to file your tax return. If you miss it, you’ll have to petition the IRS for an extension. However, the amount of time it takes to get your refund depends on several factors.
Refund Cycle
The IRS has a set schedule for processing tax returns and issuing refunds. This is known as the refund cycle. The IRS has a standard timeline they adhere to. As long as you file your return and it’s accepted, your refund should follow the same timeline.
The timeline starts when the IRS receives your return. If your return is filed electronically, the IRS has up to 24 hours to accept it. If you file a paper return, it can take up to four weeks for the IRS to process it. The timeline also depends on which type of refund you’re requesting.
The Direct Deposit Refund
The fastest way to get your refund is to have it deposited directly into your bank account. If you’ve requested a direct deposit refund, you should get your refund within 10 to 21 days of the IRS receiving your return. The IRS will deposit the funds directly into the bank account you’ve listed on your return.
The Check Refund
If you don’t request a direct deposit refund, the IRS will issue you a check refund. Generally, you can expect to receive your check refund within four weeks of the IRS receiving your return. Your refund check will be sent to the address you list on your return.
Delays
Unfortunately, there are some circumstances that can delay your refund. If the IRS needs more information or finds an error on your return, they can delay processing. It’s important to make sure your information is accurate and that you include all required documents. If the IRS finds a discrepancy, they’ll contact you via mail to request additional information.
The IRS also has to verify certain types of tax credits. This can delay your refund. The IRS also has to check each return for potential fraud. If your return is flagged for fraud, the IRS can delay your refund for up to 180 days. This is done to protect taxpayers from identity theft.
Check Your Refund Status
You can check the status of your refund anytime with the IRS’s refund status tool. The tool is available online and you can check up to the minute updates on your refund. You’ll need your Social Security number, filing status and the exact amount of your refund. You can also call the IRS to speak with a representative about the status of your refund.
Knowing how long it takes to get a tax refund can help you plan ahead. Even if you get your refund quickly, you should plan on waiting at least 10 to 21 days before receiving your refund. That way, you’ll be prepared if there’s a delay in processing. And if you do get a delay, you can use the refund status tool to get updates on the status of your refund.
