Your Tax Refund: What to Expect

Tax Refund CheckWhether you've already filed your return or expect to wait until the last minute, the big question on the mind of everyone who expects to get money back from the IRS is when they'll receive their tax refund. But it's not just when you file your return that will control that answer: The steps you take before you file can make a big difference

The IRS does its best to get refunds out as quickly as possible. Last year, the IRS had a better than 90 percent success rate in getting refunds back to taxpayers within 21 days, and it expects to do as well this year. The IRS's online Where's My Refund? tool lets you check on the status of your refund as soon as 24 hours after it receives your e-filed return. If you do a paper return instead of e-filing, though, the IRS says not to check until four full weeks after you send it in.
To use the tool, you need to have your Social Security number, your filing status, and the exact amount of the refund you expect to get. The tool will then tell you the status of your refund.

Speed Up Your Refund
The IRS lists a number of causes for refund delays. Mistakes in Social Security numbers, addresses, and bank routing and account numbers can cause problems in tax-return processing. Moreover, the IRS looks more closely at some refunds to protect against fraud. So if you're expecting a big refund check or used unusual tax-law provisions to get a refund, it may take longer for the IRS to get it to you.

As the IRS makes clear, e-filing is one obvious way to get your refund faster. But another way is to arrange to have your refund deposited directly into your bank account.

Your tax return has spaces for you to put your banking information for direct deposit, and if you want your refund sent to more than one different account, you can use IRS Form 8888 to split it into as many as three separate payments. Given the danger of stolen or lost refund checks in the mail, direct deposit is a much more secure way to get your refund quickly.
Of course, the best way to get your refund faster is to file as early as possible. If you wait until the mad rush at the end of tax season, it'll take longer for the IRS to work through the backlog and get your money back to you.


More on Taxes at the DailyFinance Tax Center

How Bonuses Are Taxed

Working hard all year to help your company meet its annual goals deserves a reward, and you've definitely earned that bonus. But bonuses count toward your income for the year, so they're subject to income taxes. Read on to learn how much tax you can expect to pay on your bonus—and for tips on reducing your tax liability.

Read More

Brought to you by TurboTax.com

Tax Reform Changes That Impact Your 2018 Taxes

With all of the buzz about the new Tax Reform many taxpayers are questioning how this will affect their 2018 tax return. These provisions kicked in on January 1, 2018, which means that they will impact your 2018 tax return.

Read More

Brought to you by TurboTax.com

2018 Tax Reform Impact: What You Should Know

Congress has passed the largest piece of tax reform legislation in more than three decades. The bill went into place on January 1, 2018, which means that it will affect the taxes of most taxpayers for the 2018 tax year.

Read More

Brought to you by TurboTax.com

Video: What Are Income Taxes?

Income taxes are a percentage of money that you pay to the government based on every dollar of taxable income. Learn about income taxes with help from TurboTax in this video on tax tips.

Read More

Brought to you by TurboTax.com
Read Full Story