Tax season is an exciting time of year for many people. When you’re expecting a federal tax refund, you’re probably wondering how long it will take for you to get your money back. Knowing how to calculate your expected refund time can help you plan for the future and stay ahead of any financial obligations.
Average Time for Refunds
The average time for a federal tax refund is between 21 and 28 days. This time frame is based on the Internal Revenue Service (IRS) processing times and does not include any additional time required for your bank to process your refund. If you decide to mail in your taxes instead of filing electronically, it will take an additional 2-3 weeks for the IRS to receive and process your return.
Factors that Affect Refund Time
There are several factors that can affect your refund time. The most common factors are the complexity of your return, how you file (electronically or by mail), and the accuracy of the information you provide on your return. If you make a mistake on your return, the IRS will need to verify the information, and that can extend the refund time.
What You Can Do to Speed Up Your Refund
If you’re expecting a refund and you want to get it as soon as possible, there are several things you can do. First, make sure that you submit your return accurately and completely. Double-check all of your information and make sure that everything is accurate. Also, make sure that you’re using the most up-to-date tax forms. The IRS is always revising and updating forms, so it’s important to make sure you’re using the most current version.
Next, file your taxes electronically. You can file your taxes online through the IRS website or through a tax preparation software. Filing electronically is the fastest way to get your refund, and it’s also the most secure way to file your taxes. The IRS will process your return within 21 days if you file electronically.
What to Do if You Don’t Get Your Refund on Time
If you don’t get your refund within the expected time frame, you can call the IRS or use their “Where’s My Refund?” tool. The “Where’s My Refund?” tool is an online service that allows you to track the status of your refund in real time. You can also use this tool to find out if the IRS has received your return and when you can expect to receive your refund.
Conclusion
Knowing how long it takes to get a federal tax refund can help you plan for the future and stay on top of your financial obligations. The average time for a federal tax refund is between 21 and 28 days. However, there are several factors that can affect the refund time such as the complexity of your return, how you file (electronically or by mail), and the accuracy of the information you provide on your return. If you want to speed up your refund, make sure that you file accurately and electronically.
