When Can I Expect My Tax Refund?
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There's good news and bad news for taxpayers expecting a refund on their 2023 federal income tax returns. The good news is that the IRS processes most returns in 21 days or less. Since the money might take another couple of days to hit your bank account, there’s a good chance that you’ll be a bit richer within a month of filing your tax returns.
Now, for the not-so-great news: parents and guardians who claim the Earned Income Tax Credit (EITC) received the Advance Child Tax Credits (ACTC), or both will not see an income tax refund before mid-February 2024. It doesn’t mean you won’t get it. Your wait may just be a bit longer, especially if you e-file your taxes before that date.
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When can I expect my tax refund?
Most filers can expect their tax refund within three weeks of filing if they choose to e-file. People who prefer to file their income tax return the old-school way, sending by mail with pen and paper, can expect a wait of at least one month.
If you file: | Your refund will arrive in: |
E-file with refund direct deposit | 1 to 3 weeks |
E-file with refund by check | 1 month |
Paper file with direct deposit | 3 weeks |
Paper file with refund by check | 2 months |
Remember that these are just estimates, and there are numerous reasons for delays.
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Possible tax refund processing delays for 2023 taxes
Even though the IRS can process most of the refunds within three weeks, there are still some that take longer. It could take a few days or weeks longer, and unfortunately, some people don’t see their refunds until late summer or early autumn.
Here’s a look at three reasons people may experience a delay in the processing of their tax returns.
Taking certain tax credits
No matter how early you file your 2023 income tax return, if you took either (or both) of the Earned Income Tax Credit (EITC) or received the Additional Child Tax Credit (ACTC), the IRS cannot issue your refund until after February 27, 2024. This is a result of legislation passed by Congress to cut down on tax fraud.
Victims of identity theft may find that someone else has already filed taxes with their social security number and been issued a refund. Thieves file as early as possible to beat you to the IRS refund before you. By holding all refunds for a period of time, the IRS hopes to find duplicate tax returns and investigate them before issuing refunds to millions of taxpayers.
Errors on your tax return
Human error is inevitable, but if they are in your tax return, it may cause returns to undergo further review. This means they will be delayed by several extra weeks or months. Using tax preparation software like TurboTax (great if you’re self-employed) or FreeTaxUSA (they have a $0 filing option) is preferable to paper returns because the tax software automatically calculates the numbers.
However, you still need to be careful when entering all of your data. Consider using the software’s auto-import feature to transfer info with a few clicks of your mouse whenever possible. Before you submit your return, thoroughly check the numbers to ensure you’ve got everything correct. From your Social Security Number and address to your income and 401k contributions, check every number carefully.
Amended returns
While less common than the previous two reasons for delayed refunds, filing an amended return will cause that particular refund to take longer. So if you filed an amended return for your 2022 taxes, the delay would affect that return. It typically takes the IRS 16 weeks to months to process an amended return.
The fastest way to get your federal tax refund
The IRS says that the average household received a tax refund of more than $2,903 last year. It’s natural to want to use that money to pay off debt or start investing, so here’s what to do to get your money back from Uncle Sam as fast as possible.
File taxes electronically
When you use electronic tax filing, the IRS receives it instantly. There’s no going to the post office and waiting anxiously, wondering whether or not it arrived at its intended location.
Double-check all information before filing your tax return
This can’t be stressed enough: double or triple-check your numbers and information before pressing “submit” or dropping your envelope in the mailbox. Any discrepancy between what you put on your tax return and what the IRS has on file will cause a delay of weeks, maybe months. Also, review your bank account on file to ensure the money can get to you. If the money can’t be sent to your account, a paper check will be issued and mailed.
Choose to receive your refund via direct deposit
You may wonder who still opts for a paper check refund like me. I can’t tell you. Even though I’ve been filing taxes for two decades, I’ve always received my refund electronically directly to my bank account.
A paper check will take up to three months longer to get to you. And, again, there’s always an “if.” I hope it never happens to you, but the truth is: Mail gets lost sometimes. Unfortunately, it’s never the bills and advertisements!
Related: Money Moves to Make Before April 15
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When can I expect my state tax refund?
Each state is slightly different in how quickly they process state tax returns. Just like with your federal taxes, to ensure you receive your refund as quickly as possible, you should e-file and opt for direct deposit of your money. Also, double-check those numbers to ensure all the data is entered correctly and avoid unnecessary delays.
How to track your refund online
Assuming that you have filed electronically, you can easily check your tax return status online soon after you submit it.
Where to track your refund
- Online with the “Where’s My Refund?” tool at the IRS website
- IRS2Go mobile app, which is available for both Apple and Android devices
- By phone at (800) 829-1954 however, you should expect long wait times
Information you need to have
To look up the status of your refund, you need to provide the following:
- Your Social Security Number
- Your filing status
- Your refund amount
What you’ll see
Once you've successfully logged in, you’ll see one of three status updates.
- Return received means that your return has arrived and is awaiting review.
- Refund approved means that your tax return has been processed successfully.
- Refund sent means that the money is on its way to your financial institution or mailbox.
The IRS updates data every 24 hours, so if you’re waiting anxiously for your refund and checking daily, there’s no need to check multiple times daily.
Of course, if you filed a paper return, it may take up to four weeks for your information to be entered into the system and for the tracking process to begin. Likewise, if you want to receive your refund check by mail, expect a longer timeframe for it to arrive.
What if I haven’t received my tax refund after 21 days?
For the small group of people who don’t get a nice deposit in their bank account within the expected time frame, you can inquire with the IRS by phone.
Some may find it’s best to take a wait-and-see approach. If there is an issue with your return, the IRS will contact you.
The IRS refund hotline number is 1-800-829-1954. But if you want to call to discover whatever information, you can expect wait times of at least 15 minutes before you talk to a person.
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The bottom line
Since most people get their tax refund within three weeks of submitting their income tax returns, there’s a good chance you will, too! To ensure speedy processing, double-check your returns for accuracy before filing electronically. Also, review your banking information to ensure it’s correct so your refund can be deposited without issue.
Even though the filing deadline for 2023 isn’t until April 15, 2024, it’s in your best interest to file as soon as possible. The sooner you file, the fewer people in front of you in the queue, and the sooner you can get your refund!
Finally, remember to use your tax refund wisely!
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Writer
Charlotte Edwards is an educator-turned-freelance writer based in Beijing, China. She writes personal finance and parenting content for both digital and print publications around the world.
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