How long does it take to get tax refund back ? - When will my tax refund be mailed ?
There are several ways to get a How long does it take to get tax refund back ? - When will my tax refund be mailed ?. One is you can request the tax department to mail a check to you and provide the name and bank details. Or, you can also ask them to credit the refund directly to your bank account. The latter procedure is fast, and the money comes to your bank account within a week. If you have asked for a check in the mail, then it could take around three weeks to reach you. If you have opted for a direct deposit, then it takes 15 days and if you opt for a paper check, then it takes 21 days for the check to be issued. More.
Are you waiting for a How long does it take to get tax refund back ? - When will my tax refund be mailed ? and have been checking you mail box every single day? There is a simpler way to check on your refund status than having to wait in anticipation. The IRS website has a provision for people who would like to track their refund and also gives them the details of the amount that has been credited as a refund. More.
Once you have filed your taxes, you will be eager to know when you are getting your refund if you are eligible. Also, you know the refund amount only after you receive the check from the federal government. Several people who have filed for taxes are eagerly waiting for their checks because they could use the cash that is coming as a return to buy something they have wanted to for a long time. More.
If you have filed your tax returns, then you will be eagerly waiting for the How long does it take to get tax refund back ? - When will my tax refund be mailed ?. It is common that you file for taxes and then get some money back for the deductions you have made. The IRS has a pretty simple process for How long does it take to get tax refund back ? - When will my tax refund be mailed ?s, and everyone can check the status of their refund by clicking a link on the IRS website. More.
Filing for tax extension is unavoidable sometimes. Several people miss their deadline and then they regret it. When you miss deadlines on paying taxes, the IRS puts heavy penalties for not paying the same on time. It is then that you realize that it would have been better to pay your taxes and get over the issue. More.
A tax rebate is the excess amount that you have paid while filing your taxes. It happens with several people, and they end up paying in excess. That is usually when they have been taxed more than they should have. This amount is returned to you by the IRS after processing your tax file. More.
Several times people end up paying more taxes than they actually owe. In such cases, they are entitled for a refund of the excess amount that they have paid. The IRS understands this, and the additional amount that you have paid unknowingly is returned to you in the form of tax relief check. The IRS uses only checks so that the money sent to you is safe. More.
Tax Refund Schedule for 2017: When Will the IRS Pay Me My Refund?
By Dan Caplinger Published December 16, 2016 Markets
Tax season hasn't even started yet, but millions of taxpayers are already eagerly anticipating hoped-for refund checks from the Internal Revenue Service. Yet it can be hard to guess when those refunds will actually show up in your mailbox or bank account.
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Although there's no hard-and-fast schedule that the IRS follows in getting people their refunds back, the tax agency does provide some typical time frames that it tries to follow in getting returns processed and refunds sent out. Below, we'll provide some simple guidelines you can use to estimate when your tax refund might come.
Image source: Getty Images.
The IRS has said in past years that it gets nine out of 10 refunds back to taxpayers in less than 21 days, and in its most recent message to taxpayers, the service repeated its commitment to that goal. However, there are some new rules that apply to many taxpayers that could result in further potential delays for the earliest filers.
Specifically, new laws require the IRS to withhold any refunds on returns that include claiming the Earned Income Tax Credit or Additional Child Tax Credit until at least Feb. 15. From there, the IRS expects to release those refund amounts, but it cautions taxpayers that it could take until the week of Feb. 27 for those refund amounts to get directly deposited to your bank account. The service cites banking and financial systems needing time to handle direct deposits.
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Nevertheless, taking these restrictions into account, there are still some things you can do if you want to expedite your refund to the maximum extent possible. First, filing your return electronically is the fastest way to get it into the processing system and often results in fewer errors than paper returns. Also, direct deposit gets money back to you much more quickly than getting a paper refund check mailed to you.
In order to get specific information on your refund once you've filed your return, the IRS has an online tool called Where's My Refund that you can use. There, you can see how much the IRS likes electronic filing, because you're allowed to use the tool as little as 24 hours after you file electronically, but have to wait four weeks after mailing a paper return before you can expect refund information.
It used to be that the IRS provided a firm schedule you could use to predict when you'd get a refund. That has gone away, but based on reasonable projections of turnaround time, you can estimate when you're likely to get a refund.
In particular, the table below has several assumptions. First, it assumes the IRS will take 10 days to issue a refund if you e-file your return. Next, it makes the assumption that paper returns will take four weeks to get to the IRS and get processed. And finally, it sets a 10-day expectation for the amount of time it takes a refund check to get to you by mail.
Based on those assumptions, here's an anticipated 2017 tax refund schedule.
Refund Date If E-File + Direct Deposit
Refund Date If E-File + Mailed Refund
Refund Date If Paper-File + Direct Deposit
Refund Date If Paper-File + Mailed Refund
Table by author based on assumptions. *Returns that claim Earned Income Tax Credit or Additional Child Tax Credit must be held until Feb. 15, and IRS anticipates refunds won't be direct-deposited until the week of Feb. 27.
Again, the IRS won't necessarily follow this schedule, and the Where's My Refund tool is the best source for definitive information on your return as soon as it's available. Moreover, in some cases, the IRS might well get a refund back to you more quickly than the table suggests.
Finally, note that the IRS is very clear that you shouldn't plan your finances in anticipation of having your refund hit your bank account on any specific date. No tax schedule that you'll see from any source can claim a guarantee of a date on which you'll get your refund. Estimates like the ones above can be useful for your planning, but make sure you leave yourself some wiggle room in case your luck this tax season turns out to be bad.
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Time to create multiple tax (refund) days for low-income filers
April 15 is tax day, but not many Americans will be lining up at the post office or logging onto TurboTax as midnight approaches. Taxpayers who receive refunds often file well ahead of the April 15 deadline. And according to new research, many of those refund dollars are already spent or spoken for.
Early filing is particularly common among taxpayers who claim the Earned Income Tax Credit (EITC), which supplements earnings for low-income workers and their families. EITC recipients often receive substantial refunds, especially in relation to their income. According to new data available through our EITC Interactive, nationwide 26.8 million taxpayers benefited from the EITC for the 2013 tax year, and they claimed a total of $64.7 billion from the credit. Combined with other credits and over-withholding these families received, the average refund for EITC filers topped $4,100 that year. As the accompanying map shows, that amount approached $4,500 or more in many southern states.
I thought of those large refunds while reading a fascinating new book by sociologist Kathryn Edin and her colleagues, titled, It’s Not Like I’m Poor: How Working Families Make Ends Meet in a Post-Welfare World. The book provides insights from in-depth interviews with 115 families with children in the Boston area who claimed the EITC. It examines their household budgets and how the families view and use the credit. The authors find that these families rely greatly on their tax refunds to close the gap between the wages they earn and the daily costs of living in an expensive region like Greater Boston. For some, a large tax refund also enabled them to purchase something normally confined to middle-class families, such as a special birthday present for a child or dinner out at a restaurant.
One of the authors’ central findings, however, was that EITC recipients bear a considerable amount of debt—95 percent of the families studied had debt of some kind. The most common (66%) was credit card debt, with the typical family owing nearly $2,000. Considerable shares of families also had utility, car, or student loan debt.
Their indebtedness was not surprising given that wages covered on average only about two-thirds of monthly expenditures. The authors classified one-quarter of families’ refund spending as dedicated to debt/bills, but other ways families spend the money—such as repairing a car or paying ahead on bills—point to the lack of financial cushion EITC recipients endure throughout the year.