If you have filed your federal income taxes and wondering when that tax money will hit your bank account? We’ve got some answers.
IRS Tax Refund
On January 23, the tax season officially started and IRS already accepting individual tax returns from Americans across the country. Moreover, you can check your tax refund status online using the IRS’s handy Where’s My Refund? tool available anytime on IRS.gov or through the IRS2Go App.
The “Where’s My Refund?” tool provides the exact date after the return is processed and approved. The IRS has said most tax refunds are issued within 21 days of filing. Nonetheless, some instances may take longer if the return requires additional review.
Here are a few circumstances a tax refund may take longer:
- The return may have some errors or it is incomplete.
- The return could be affected by identity theft or swindling.
- Most banks do not process payments fell on weekends or holidays.
Here’s What You Need To Know More
The IRS will contact taxpayers via mail if the information is needed to process their tax returns. Furthermore, taxpayers who claimed the earned income tax credit or the additional child tax credit anticipate obtaining their refund on March 1 if:
- They file their return online
- They prefer to get their refund by direct deposit
- The IRS found no issues with their return
When you file taxes, generally, you should be prepared with several pieces of information including:
- Your Social Security Number or Individual Taxpayer Identification Number for you, your partner, and any dependents
- Birth dates including your spouse as well, and dependents on the tax return
- Bank account and routing number or a voided check for a direct deposit refund
- Identity Protection PIN
You should also bring along your 2020 and 2021 tax returns if you have them. When calculating your income on your tax return, you gave to come ready with all your W-2 forms from jobs worked in the last tax year.
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