your new submission deadline is October 16, 2023.
This year’s April 18 tax deadline is history. If you filed your taxes under the wire and are owed some money back from the IRS, how long until you get it?
The tax agency said at the start of tax season that taxpayers who filed early and electronically would typically receive tax refunds within 21 days. Refunds are being paid out a little more slowly than last year: By April 7, the IRS had issued 69 million refunds, down 1 million compared to the same point during the 2022 tax season.
If you filed a paper tax return, a delayed refund was a given. The IRS has said paper tax returns can take six months or longer to process.
Regardless of how you filed, the IRS warned that “many taxpayers may find their refunds somewhat lower this year.” That’s because some pandemic-related tax credits have expired, such as the popular child tax credit expansion and the credit if you missed out on a stimulus payment.
This year’s average tax refund was $2,878 as of April 7, down from $3,175 a year ago. If you’re still due for a tax refund this year, here’s more on when to expect your money.
Estimated IRS Refund Tax Schedule for 2022 Tax Returns
At one time, the IRS issued an annual tax refund schedule to let taxpayers know when they were likely to receive their refunds. Though the IRS no longer does this, we’ve put together estimates of when your refund may arrive in 2023 based on the schedule in previous years.
*The tax deadline was April 18.
How To Speed Up Your Tax Refund
Once you file your return, it’s in the hands of the IRS—and on the agency’s timeline.
But if you took these steps with your return, you should get your refund as quickly as possible.
1. Requested a Direct Deposit
According to the IRS, 8 out of 10 taxpayers use direct deposit to receive their tax refunds in speedier fashion. This option is available whether you file online or with a paper tax return.
If you don’t have a bank account, there are other options, like having the IRS issue your refund on a prepaid debit card. But be warned: Prepaid debit card providers can charge a lot of fees for everyday services like reloading the card, so this may not be a good option for you.
2. Filed Your Tax Return Electronically
Combining direct deposit and electronic filing can greatly speed up your tax refund. Filing electronically requires that you use a tax software program, which can flag errors that may cause processing delays at the IRS. These errors can include an incorrect Social Security number, a wrong date of birth for a dependent or a misspelled of named.
You can electronically file your tax return for free using the IRS Free File Program if your adjusted gross income (AGI) is less than $73,000. Most simple tax returns (like with a basic W-2 and few deductions) can generally be filed for free using commercial tax software providers, although you may be charged a fee to file your state taxes.
If your tax situation is more complicated—if you sold property, paid business expenses or earned investment or business income, to give a few examples—you should consider hiring a tax professional.
A knowledgeable tax pro, such as an enrolled agent or certified public accountant (CPA), can review your tax return and identify any mistakes that may slow down the processing of your refund.
How To Track Your Tax Refund Status With the IRS
If you expect a tax refund this year, you can track your tax refund status with the IRS Where’s My Refund online tool or the IRS2Go mobile app.
You’ll need to input your Social Security number, filing status and expected refund amount. The IRS starts tracking your tax refund within 24 hours after e-filing and updates the tool daily. If you filed your tax return by mail, expect longer processing times and delays.
If you don’t have access to online tools, you can contact the IRS by phone at 800-829-1040 to find out the status of your refund.
Tax Credits That May Delay Your Refund in 2023
If you claimed the earned income tax credit (EITC) or the additional child tax credit, your tax refund may be delayed. The IRS said it wouldn’t start issuing tax refunds for returns that include those credits until mid-February.
Your financial institution plays a role in when you receive your refund. Since some banks don’t process financial transactions on weekends or holidays, you may experience a delay in processing.
Finally, you can expect a wait for your tax refund if you file an amended tax return. The IRS warns that it can take up to 16 weeks to process amended returns.
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