It’s that time of year again: tax season. You’ve completed your taxes, submitted them, and now you’re just waiting on your tax refund. But the question is, how long does it take to get your tax refund in 2023?
This is an important question to ask if you’re relying on your tax refund to cover an unexpected expense or if you’re just looking forward to the extra cash. Fortunately, there are some guidelines to help you determine how long it will take for your refund to arrive.
When Will You Receive Your Refund?
The timeline for receiving your tax refund depends on several factors, such as when you file your taxes and how you file them.
If you file your taxes electronically, you’ll generally receive your refund within three weeks to three months. If you file a paper return, you should expect your refund within four to six weeks.
In addition, the Internal Revenue Service (IRS) is required to hold all tax refunds that include the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until at least February 15th. This means that even if you file your taxes early, you won’t receive your refund until after February 15th if it includes either of these credits.
The IRS has also implemented additional measures to combat tax fraud. This means that if your return is flagged for additional review, it can delay your refund. Additionally, if the IRS receives a lot of returns at once, your refund may take longer than expected.
Checking the Status of Your Refund
If you’re worried about the status of your refund, the IRS provides a few tools to help you track it. One of the best ways to track your refund is to use the IRS ‘Where’s My Refund?’ tool. This tool is available on the IRS website and can provide you with an estimated date as to when you will receive your refund.
You can also check the status of your refund by calling the IRS’ automated refund hotline. This hotline is available 24 hours a day, seven days a week and can provide you with a general update on the status of your refund.
How to Speed Up the Refund Process
If you need to receive your refund as quickly as possible, there are a few things you can do to help speed up the process. Firstly, filing your taxes electronically is the fastest way to receive your refund. You can also choose to have your refund deposited directly into your bank account, which can speed up the process even further.
Another way to speed up the process is to double-check your return for mistakes. Any errors on your return can delay your refund, so be sure to review your return for accuracy.
Conclusion
Filing taxes is a necessary part of life, but waiting for your refund can be a stressful experience. Knowing how long it takes to receive your refund can help you plan for the future and make sure you’re not waiting too long for your refund.
In general, if you file your taxes electronically, you should receive your refund within three weeks to three months. If you file a paper return, you should expect your refund within four to six weeks. The IRS also holds refunds that include the Earned Income Tax Credit or Additional Child Tax Credit until at least February 15th.
If you’re worried about the status of your refund, you can use the IRS ‘Where’s My Refund?’ tool or call the automated refund hotline to get an update. Additionally, filing your taxes electronically, having your refund deposited into your bank account, and double-checking your return for errors can all help speed up the process.
