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We may receive a commission when you click on links for products from our affiliate partners. Look over your return for any errors before submitting.
If you are claiming the Recovery Rebate Credit on your return because you didn't receive a stimulus check that you qualified for, or you received a lesser amount, double check that the amount you claim is correct.
This can cause a delay as the IRS will flag your return for review. Choose to have the refund directly deposited into your bank account. Doing so ensures you get your refund as quick as possible, plus it avoids any chance of a check getting lost in the mail.
There are a number of factors — including the choices you make when you file — that could impact how long it takes for you to receive your tax refund.
The delivery option you choose for your tax refund will affect how quickly you receive your funds. According to the IRS, the fastest way to receive your refund is to combine the direct deposit method with an electronically filed tax return.
Below is an estimated breakdown of how soon you might expect to receive your tax refund, based on filing and delivery choices. Additional factors could slow down the processing of your tax refund, such as errors, incomplete returns or fraud. You should also expect to wait longer for your refund if the IRS determines that your tax return needs further review.
Refunds for returns that have errors or that need special handling could take up to four months, according to the IRS. Delays also occur when the IRS suspects identity theft or fraud with any return. Respond quickly if the IRS contacts you by mail for more information or to verify a return.
A delay in responding will increase the wait time for your refund. If you submitted an amended tax form, it may take more than 20 weeks to receive a refund due to processing delays related to the pandemic. The IRS has eliminated the guesswork of waiting for your tax refund by creating IRS2Go , an app that allows you to track the status of your return. Both tools provide personalized daily updates for taxpayers 24 hours after a return is e-filed or four weeks after the IRS has received a paper return.
After inputting some basic information i. Once your refund reaches the third stage, you will need to wait for your financial institution to process a direct deposit or for a paper check to reach you through the mail.
Deciding how to spend, save or invest the money in advance can help stop the shopping impulse from getting the best of you. Your refund is yours to use how you see fit and can be used to help pay for day-to-day expenses or invested for long-term financial stability. Looking for inspiration? Bankrate offers five smart ways to invest your tax refund. How We Make Money. Michelle Black.
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