Where’s My Refund?
Tax filing season has officially started, with the IRS announcing last month that they’re ready to accept electronically filed returns. The IRS says that nine out of ten refunds will be issued in less than 21 days after a tax return has been filed. If you e-file with direct deposit, that is. In this article, we’ll break down how quickly your refund will arrive depending on the filing and refund method chosen and other common refund-related questions. Bottom line: we would recommend both electronic filing and having your refunds direct deposited.
Where’s My Refund?
Just like everything else, there’s an app for that! These “Where’s My Refund?” apps can be found on the IRS website and many state websites have the same thing to tell you when you can expect your refund.
You can go to the IRS website, but verify that you’re at www.irs.gov, as there are many fraudulent sites that will try to steal your personal information. On the IRS website, click the “Get My Refund Status” button or use this direct link. Once you enter your Social Security Number, your filing status, and the refund amount, the site will let you know about when your refund can be expected. You can do the same thing on many of the state websites. Links to state refund status pages will be at the end of this article.
Most of these sites are only updated once a day, so it doesn’t pay to check more frequently than that.
When will the information be on the site?
If you file electronically, you can look on the IRS site about 24 hours after filing. But if you file by paper, you probably need to wait about six months before that’s going to be updated.
How quickly will the refund come?
That depends on how you file. If you still do it the old way (on paper), it used to be about six to eight weeks. But now you could be waiting for six months or more because of how behind the IRS is.
If you choose to e-file and use the paper check option, you’re still looking at about four weeks.
But if you e-file and choose direct deposit, usually it will be less than 21 days. The IRS says that nine out of ten refunds are issued within that time period.
Six months for a paper return? That’s just insane.
It could be longer. We still have people waiting on their refunds for returns that were filed prior to April 15th of last year. As of December 30, 2022, the IRS still has 2 million returns that were received but have not been processed. About 1.6 million of those are because of errors, but that means that there are about 440,000 that have been filed that just haven’t been processed yet.
That’s why most people are filing electronically and getting direct deposit. Not only does the refund come more quickly, but it’s a more secure way to get it. There are more options available for e-filing than ever before, including having us (your favorite tax professionals) do it, using third-party software, or using links through the IRS website.
Can I speed up my return/refund after filing?
Generally no. Contacting the IRS will not result in expediting the processing of your return. (In fact, only about 13% of calls to the IRS reach an actual agent! And IRS agents cannot speed up the processing of your return.) Filing electronically and choosing direct deposit for your refund, as well as ensuring your return is accurate, is the best way to receive your refund as quickly as possible.
What things can delay a refund?
Your financial institution might reject the refund deposit if there is an error in the account number or routing number. There are returns that are pulled due to potential identity theft and other errors. If you are receiving the Earned Income Tax Credit (EITC), that can also delay your refund.
Why does the Earned Income Tax Credit delay my refund?
By law, the IRS cannot issue refunds on returns with the EITC before the middle of February. The EITC has a history of errors and fraud, so the IRS looks at these returns closely. The IRS says not to expect refunds before February 28, 2023, if you are receiving the EITC.
What if the deposit amount is different from what the return shows?
Normally, the IRS will send you a letter explaining the reason for a discrepancy in your tax refund. This could be due to incorrect calculations; estimate or withholding amounts that don’t match IRS records; or offsets due to things like state or federal debts, child support, spousal support, or past-due student loans. A tax professional can help you work with the IRS in these situations to determine the cause.
How do I connect with a tax professional at Lintel Financial Services to file my return or if I have more questions?
We’re happy to help! Please contact us through our website or call us at 402-464-3484.
Links to State Refund Status Sites:
New Hampshire: New Hampshire doesn’t charge an income tax on employment income, but it charges a flat tax on interest and dividend income. If you overpaid your tax on this type of income, you can request a refund through the state’s Department of Revenue Administration. However, the state does not provide a refund tracking option.
Rhode Island (For the expected refund amount, round to the nearest whole dollar. If your expected refund ends in $0.50 to $0.99, round up; otherwise, round down.)
Tennessee: Tennessee no longer imposes a tax income tax, so it no longer has a refund status tracking option. For old overpayments, a refund can be requested by paper form.
