Waiting on your tax refund? You can track your state and federal tax refund to find out when you can expect your money. Being able to know when you will receive your refund can help you prepare for upcoming expenses, like housing costs and other bills.
The Internal Revenue Service (IRS) has tools to help you find the status of your tax return. The tax return tracker gives you accurate and up-to-date information about your money and when you expect it.
Receiving your tax refund gives a cash boost to your bank account. You can use your tax refund to pay bills, buy something fun, or put it into savings. When you are counting on your tax refund to pay for upcoming expenses, knowing when you can depend on those funds is valuable.
In most cases, the IRS will issue tax refunds within 21 days. However, several factors can influence this timeframe.
For instance, errors on your tax forms can delay your refund. The IRS may ask for more details or corrections before being able to issue you money.
Similarly, the IRS may request more information if you are missing information. The agency will mail you a letter letting you know a new timeline to amend and send a new return.
If you mail your tax forms, it could take longer for the government to receive your taxes than those that file online. Likewise, it can take more time to receive your tax return if the government needs to mail your payment instead of directly depositing it electronically.
Claiming certain things can also delay your refund. The Earned Income Tax Credit and Additional Child Tax Credit can increase the time it takes to process your taxes. Likewise, an Injured Spouse Allocation can take more time to review.
Your tax return may need further review by an auditor. Additional reviews will delay when you can expect your tax return.
Your bank could also affect when you receive your tax refund. Some financial institutions take longer than others to post new transactions.
By Admin –