Even though filing taxes can be stressful, millions of Americans are expected to get money back in the form of a refund after their returns are reviewed and approved.
According to the Internal Revenue Service (IRS), how quickly that money arrives depends on when and how you file your return, and whether there are any errors.
Filing and payment deadline
The deadline to file taxes this year is April 15. That date is also the last day to pay any taxes owed. While taxpayers can request a six-month extension to file by submitting Form 4868, which moves the filing deadline to October 15, the extension does not give extra time to pay.
The IRS charges a 0.5 per cent penalty on unpaid taxes after April 15. However, if someone files on time and sets up a payment plan for what they owe, the penalty drops to 0.25 per cent.
How to Track Your Tax Refund
- To check your refund status, keep your Social Security number (or ITIN), filing status, the exact refund amount shown on your return, and the correct tax year ready.
- You can visit the IRS “Where’s My Refund?” tool on IRS.gov or use the IRS2Go mobile app to see updates on your refund.
- Tracking is usually available within 24 hours after you e-file your return. If you mailed a paper return, it can take up to four weeks before the status appears online.
- If the status shows “Return received,” it means the IRS has your return and is reviewing it.
- “Refund approved” means your refund has been processed and is getting ready to be issued.
- If it says “Refund sent,” the money has either been deposited into your bank account or mailed to you. Direct deposits may take up to five business days to appear in your account.
How long refunds usually take
For most people who file electronically, refunds are typically issued within 21 days after the IRS approves the return. Those who send paper returns through the mail may have to wait up to 42 days.
This year, refunds may take longer for some taxpayers. A recent Treasury Department report noted that the IRS is dealing with staff shortages and a backlog of cases which could slow down processing times.
Refunds can also be delayed if there is a mistake on the original return and the taxpayer needs to file an amended return. The report said the IRS currently has about 590,000 amended returns waiting to be processed. While a regular refund may take about 21 days, amended returns can take eight to 16 weeks or even longer to review and approve.
