IRS: What days of the week are tax refunds paid?
Nine out of 10 taxpayers will receive their tax refunds within 21 days after filing their return. You can monitor your refund’s status on the IRS website.
The Internal Revenue Service has begun carrying out the process of reviewing and assessing tax returns from fiscal year 2023. The refund of the excess tax paid will be sent in the order of arrival of the completed forms at the IRS, so those who filed early may expect their refunds earlier as well.
The official website provides a well of general information for taxpayers, but it also has a specific tracking tool, called “Where’s My Refund?” for users to know when the agency sends payments to those who paid a surplus of tax.
READ ALSO: Tips to avoid an audit by the IRS
How soon can I get my tax refund?
The refund period depends on the filing date of the relevant forms, as well as the method by which they were sent. The IRS states that they make payments within a maximum of 21 days from the time they receive the return.
If you filed your tax return electronically without any errors, the IRS will generally process direct deposit refunds within seven to 10 days of receiving your return.
Paper checks will take longer, and will be processed within approximately two weeks. Filing a paper tax return can further delay your refund by up to several weeks. It could take up to eight weeks for the taxpayer to receive the money if they carried out the procedure by mail, and chose to receive the refund by check.
READ ALSO: What is the net worth of families in the top 10%?
What days of the week can I receive my refund?
The exact day of the week that the IRS will deposit your refund into your account can vary, but they usually send the refund on every business day, from Monday to Friday.
It is possible that the refund may be received on certain Saturdays, depending on when the return was filed. Sundays and holidays are completely excluded from receiving any refund. Under the old IRS system which changed a decade or so ago, the tax agency only issued refunds once a week.
If you chose the direct deposit option to receive your money, it is of the utmost importance to provide accurate and complete information on your tax return, including your bank’s routing number and your account number. This will help ensure that you will receive your refund as early as possible.