I’ve Filed My 2022 Taxes. When Will I Get My Refund?
This year, you have until April 18 to file your taxes, but if you’re eager to receive your refund, you shouldn’t wait until the last minute.
The IRS says if you file early and electronically, you’ll typically receive your tax refund in fewer than 21 days.
However, if you file your taxes using a paper form, expect delays. The IRS warns that paper tax returns can take six months or longer to process.
Regardless of how you file, the IRS is warning that “many taxpayers may find their refunds somewhat lower this year.” That’s because some pandemic-related tax credits have expired, such as the popular child tax credit expansion and the credit that was available if you missed out on a stimulus payment.
If you find you’re due for a tax refund this year, here’s more on when to expect your money.
Estimated IRS Refund Tax Schedule for 2022 Tax Returns
At one time, the IRS issued an annual tax refund schedule to let taxpayers know when they were likely to receive their refunds. Though the IRS no longer does this, we’ve put together estimates of when your refund may arrive in 2023 based on the schedule in previous years.
How To Speed Up Your Tax Refund
You can do a few things to get your refund faster, though once you file your return, it’s in the hands of the IRS—and on the agency’s timeline.
Here are steps you can take to ensure you get your refund as quickly as possible.
1. Request a Direct Deposit
According to the IRS, 8 out of 10 taxpayers use direct deposit to receive their tax refunds in speedier fashion. This option is available whether you file online or with a paper tax return.
If you don’t have a bank account, you may want to consider other options, such as by having the IRS issue your refund on a prepaid debit card. But be warned: Prepaid debit card providers can charge a lot of fees for everyday services like reloading the card, so do your homework before deciding whether this is a good option for you.
2. File Your Tax Return Electronically
Combining direct deposit and electronic filing can greatly speed up your tax refund. Since filing electronically requires a tax software program, it can flag errors that may cause processing delays at the IRS. These errors can include incorrect Social Security numbers, dependents’ dates of birth and misspelling of names.
You can electronically file your tax return for free using the IRS Free File Program if your adjusted gross income (AGI) is less than $73,000. Most simple tax returns (like with a basic W-2 and few deductions) can generally be filed for free using commercial tax software providers, although you may be charged a fee to file your state taxes.
If your tax situation is more complicated—if you sold property, paid business expenses or earned investment or business income, to give a few examples—you should consider hiring a tax professional.
A knowledgeable tax pro, such as an enrolled agent or certified public accountant (CPA), can review your tax return and identify any mistakes that may slow down the processing of your refund.
How To Track Your Tax Refund Status with the IRS
If you expect a tax refund this year, you can track your tax refund status with the IRS Where’s My Refund online tool or the IRS2Go mobile app.
You’ll need to input your Social Security number, filing status and expected refund amount. The IRS starts tracking your tax refund within 24 hours after e-filing and updates the tool daily. If you filed your tax return by mail, expect longer processing times and delays.
If you don’t have access to online tools, you can contact the IRS by phone at 800-829-1040 to find out the status of your refund.
Some Tax Refunds May Be Delayed in 2023
If you take the earned income tax credit (EITC) or the additional child tax credit (ACTC), your tax refund may be delayed. The IRS says it will issue tax refunds for returns that claim these credits starting in mid-February.
Your financial institution may also play a role in when you receive your refund. Since some banks don’t process financial transactions during the weekends or holidays, you may experience a delay in processing.
Finally, you can expect your tax refund to be delayed if you file an amended tax return. The IRS warns that it can take up to 16 weeks to process amended returns.
Source By: forbes