If you file your taxes with the IRS EFile, or with an tax software program that files your taxes online for you, then you are in luck – you will generally receive your tax refund much more quickly than if you file your taxes by mail. The reason is that electronic tax returns are easier for the IRS to process, making it faster for them to clear the books on your tax return and send you a refund—via either an ACH transaction or by check.
ACH transactions (bank to bank electronic transfers) are much faster and safer than receiving a paper check. So if you want to receive your refund faster, electronic is the way to go! While you are waiting on your tax return, here is a great way to make a fast $250 free money just for opening up a Chase Bank Checking account and savings as a new customer!
When Can I File My Taxes – And When is My Tax Return Due?
What is the first day you can file your 2016 taxes? January 23, 2017 is the first day you can officially file your 2016 taxes. That said, you can always complete your return as soon as you have your paperwork ready. Many software programs will allow you to submit your return through their system and they will automatically file the return for you on the day the IRS begins accepting returns. This will get your return in the queue faster, and hopefully get your refund processed more quickly.
When is My Tax Return Due? Tax returns are normally due on April 15 each year, unless the 15th falls on a weekend or holiday. If that is the case, the tax return is due on the following business day. Taxes are actually due on April 18, 2017 because April 15th is Emancipation Day, an observed holiday in Washington, DC.
What happens if you don’t file your taxes on time? Don’t do it! Instead, try to file a tax extension. Filing a tax extension is free, and you can do it at any time. Just be aware that you need to pay any money due by the tax deadline, or you may owe penalties or fees. So get an estimated tax payment in the mail if you need to, then figure out your books. The deadline to file your tax return if you filed an extension is October 15th.
IRS E-File – When Will I Get My Tax Refund?
How long does it take to process a tax return? How long it takes to process are turn depends on many factors, including whether you efile or file a paper return. As you might have guessed, e-filing results in a much quicker turnaround time. Paper returns have to be manually entered into the system, and can remain in the queue for several days (or longer) before they can be processed. Of course, the complexity of your return also affects how long it takes to process your return.
How long does it take to get your tax refund? The IRS has a goal of getting tax refunds to tax payers within 21 days. They reach this goal about 90% of the time. In fact, most people receive their refunds in about 10-14 days. In previous years, the IRS created a schedule for when they will send out federal tax refunds via direct deposit or by check. The general rule of thumb is that direct deposits will be sent out a few days before paper checks are sent out (the delay for a paper check can actually take up to one week, depending on how many refunds the IRS has to process).
Are there any known tax refund delays? Yes. A law requires the IRS to withhold tax refunds when the taxpayer claims either the Earned Income Tax Credits and Additional Child Tax credit. Refunds must be withheld until Feb. 15, 2017. Tax refunds that claim these credits after that date are processed as they come in. The IRS has also created new anti-fraud measures to combat tax refund theft. So some returns may be delayed for additional review.
When will my refund be in my bank account? Direct deposits are faster than paper checks. However, keep in mind it may take a few days for your financial institution to make your deposit available to you. Some banks make direct deposits available the day they hit, while other banks may hold the funds for a couple business days. Check with your bank for more information. Paper checks also have a delay for fund availability: it may take several days for the check to arrive in the mail, then another few days after you deposit the check before the funds are available (many banks place a hold on checks).
IRS E-File Schedule for Tax Refunds via Check or Direct Deposits
As alluded to above, the IRS previously released an annual schedule to help tax payers better plan around tax season so tax-filers will know when they can expect to receive their refund check. They stopped this practice in 2013 (2012 ax year) after there were delays in the refund process due to new anti-fraud measures.
The table below shows an approximation of when your federal tax refund should be direct deposited into your bank account, or the date your check will be mailed. This table is based on previous tax return charts. Remember, this is only an estimation, and not a guarantee.
How to use this tax refund chart: This schedule only applies to tax returns filed electronically. The left column represents the date your tax refund was accepted by the IRS. This chart does not apply to tax refunds filed by mail because it takes the IRS much longer to manually process returns. There is no tax refund schedule for paper returns because it is difficult to know when the IRS will physically process your return.
Filing Tax Returns Early: The first official day to file taxes is January 23, 2017, according to the IRS. However, some people have reported they were able to submit their tax return around January 15, 2016, as part of IRS HUB Testing. HUB Testing is a controlled launch of the tax return process so the IRS can test the submission process and troubleshoot any errors before making the general launch for all tax payers. While there are benefits to submitting early, only a limited number of tax preparation companies are able to process these early returns, and only in limited numbers. Expect your tax return to be processed on the first day of tax return filing unless your tax professional or software company has informed you your return will be included in this program.
|IRS accepts your return (by 11:00 am) between…||Direct Deposit Sent||Paper Check Mailed|
|Jan 23 and Jan 28, 2017||Feb 03, 2017||Feb 06, 2017|
|Jan 29 and Feb 04, 2017||Feb 10, 2017||Feb 13, 2017|
|Feb 05 and Feb 11, 2017||Feb 17, 2017||Feb 21, 2017|
|Feb 12 and Feb 18, 2017||Feb 24, 2017||Feb 27, 2017|
|Feb 19 and Feb 25, 2017||Mar 3, 2017||Mar 6, 2017|
|Feb 26 and Mar 04, 2017||Mar 10, 2017||Mar 13, 2017|
|Mar 05 and Mar 11, 2017||Mar 17, 2017||Mar 20, 2017|
|Mar 12 and Mar 18, 2017||Mar 24, 2017||Mar 27, 2017|
|Mar 19 and Mar 25, 2017||Mar 31, 2017||Apr 3, 2017|
|Mar 26 and Apr 01, 2017||Apr 7, 2017||Apr 10, 2017|
|Apr 02 and Apr 08, 2017||Apr 14, 2017||Apr 17, 2017|
|Apr 09 and Apr 15, 2017||Apr 21, 2017||Apr 24, 2017|
|Apr 16 and Apr 22, 2017||Apr 28, 2017||May 1, 2017|
|Apr 23 and Apr 29, 2017||May 5, 2017||May 8, 2017|
|Apr 30 and May 06, 2017||May 12, 2017||May 15, 2017|
|May 07 and May 13, 2017||May 19, 2017||May 22, 2017|
|May 14 and May 20, 2017||May 26, 2017||May 30, 2017|
|May 21 and May 27, 2017||Jun 2, 2017||Jun 5, 2017|
|May 28 and Jun 03, 2017||Jun 19, 2017||Jun 12, 2017|
|Jun 04 and Jun 10, 2017||Jun 16, 2017||Jun 19, 2017|
|Jun 11 and Jun 17, 2017||Jun 23, 2017||Jun 26, 2017|
|Jun 18 and Jun 24, 2017||Jun 30, 2017||Jul 3, 2017|
|Jun 25 and Jul 01, 2017||Jul 7, 2017||Jul 10, 2017|
|Jul 02 and Jul 08, 2017||Jul 14, 2017||Jul 17, 2017|
|Jul 09 and Jul 15, 2017||Jul 21, 2017||Jul 24, 2017|
|Jul 16 and Jul 22, 2017||Jul 28, 2017||Jul 31, 2017|
|Jul 23 and Jul 29, 2017||Aug 4, 2017||Aug 7, 2017|
|Jul 30 and Aug 05, 2017||Aug 11, 2017||Aug 14, 2017|
|Aug 06 and Aug 12, 2017||Aug 18, 2017||Aug 21, 2017|
|Aug 13 and Aug 19, 2017||Aug 25, 2017||Aug 28, 2017|
|Aug 20 and Aug 26, 2017||Sep 1, 2017||Sep 5, 2017|
|Aug 27 and Sep 02, 2017||Sep 8, 2017||Sep 11, 2017|
|Sep 03 and Sep 09, 2017||Sep 15, 2017||Sep 18, 2017|
|Sep 10 and Sep 16, 2017||Sep 22, 2017||Sep 25, 2017|
|Sep 17 and Sep 23, 2017||Sep 29, 2017||Oct 2, 2017|
|Sep 24 and Sep 30, 2017||Oct 6, 2017||Oct 10, 2017|
|Oct 01 and Oct 07, 2017||Oct 13, 2017||Oct 16, 2017|
|Oct 08 and Oct 14, 2017||Oct 20, 2017||Oct 23, 2017|
Some important notes about this tax refund schedule: This is only good when you E-File your taxes because the IRS will notify you of the date of acceptance – generally within 72 hours of receipt. Tax returns sent on paper forms must be manually entered into the IRS computers and there is no way to track the date of acceptance, so this chart won’t work for estimating which day your tax return will be sent.
The other important thing to note is that IRS refund checks are processed fairly quickly, usually within 1-2 weeks. This is just one more reason to say no to refund anticipation loans.
Where is My IRS Refund Check?
You can check the status of your federal tax refund as soon as 72 hours after the IRS acknowledges receipt of your e-filed return. Please note the IRS only updates the status of your refund once a week, on Wednesdays. So checking back several times a day throughout the week won’t normally give you any new information. The quickest and easiest way to get this information is to go to the Where’s My Refund page. Or, call 1-800-829-1954 or 1-800-829-4477.
Want a Bigger Tax Refund?
If the idea of a larger tax refund sounds appealing to you, then you may wish to open a Traditional IRA, which can not only help you save money for retirement, but it can also help you receive a larger tax refund, as up to $5,000 worth of contributions are tax deductible ($6k if you are over 50 years of age). Reducing your taxable income by several thousand dollars is worth a nice chunk of change in your tax return next year. If you want to learn more, then here are some top IRA companies, where you can open an IRA.