You have filed your taxes with your accountant and now the waiting game begins, you ask. “When will I receive my refund?”.
Great question! This is the reason we file our taxes, to get a refund check to help out with finances: a new car, a new house, maintenance on your current car or house, or a nice family vacation.
There are two options you have when filing your taxes, the old school paper filing method, or the modern e-filing method. In order to receive your refund as fast as possible the best method is to e-file. This sends your tax information directly to the IRS, no waiting on the mail to arrive, get sorted, opened and processed. This also avoids the possibility of the paperwork being lost.
Once the IRS receives your information, according to their website, processing for e-filing takes on average 21 days to process as long as you have submitted all the required information. Any missing or inaccurate items will cause a delay in your refund.
Additionally, another way to speed up the process of receiving your refund is by signing up to have your refund direct deposited into your bank account. This allows the IRS to electronically deposit the funds into your account so there will be no need to print and mail a paper check to you. Printing and mailing takes additional time, which will delay the time it takes to receive your refund.
The IRS will allow you to split your refund across 3 different accounts. Following are different account types and methods of receiving your refund from the IRS:
- Direct Deposit into a personal or business, savings or checking account
- Treasury Direct®,
- Traditional, Roth, or SEP-IRA
- Savings Bonds
- Paper Check
As digital technology continues to advance, the IRS has created some tools available on their website to keep you up to date, and avoid calling and waiting for hours to speak to someone for simple information. Introducing, Where’s my refund?, a new tool on the IRS’s website that allows you to get up to date information regarding your refund. Information becomes available 24 hours after e-filing, and 4 weeks after you mailing your paper return (all the more reason to e-file). You can also download their mobile app IRS2Go to get the information directly on your mobile device. The information is updated once every 24 hours. The information you need from you return to track your information is:
- Your Social Security number
- Your filing status
- Total dollar amount of your refund from the tax return you filed.
In the event you do not have Internet access, you can call 800-829-1954 to receive status information over the phone.
When accessing the Where’s My Refund portal, the tool displays three different stages of processing of your refund:
- Return Received
- Return Approved
- Refund Sent
For more detailed information about your Tax Refund please speak to our tax specialists by calling 305-762-1818.