When will my refund arrive if I filed my taxes on February 5?
Submitting your tax return electronically and choosing direct deposit will see your tax refund hit your bank account much faster. Here’s when to expect it.
The Internal Revenue Service began processing 2023 tax returns 29 January. American taxpayers will have until 15 April 2024 to submit their tax declarations on time or ask for a six-month extension. The sooner you file though, the sooner you can expect to see a refund.
The agency says that most tax refunds are issued within less than 21 days. To speed up the process, the IRS recommends that filers submit their tax return electronically. Paper filings can take about six to eight weeks. Also choosing to receive your tax refund via direct deposit will see any money you have coming to you hitting your bank account faster.
If all these conditions are all met and barring any complications, you should receive the money in your account by March 7, 2024. This expected arrival date takes into consideration the President’s Day holiday on 19 February as well as weekends, which are all non-working days.
READ ALSO: What happens if you don’t file taxes?
How can avoid a delay of my tax refund?
There are several factors that can affect the speed at which you receive your tax refund. E-filing is the fastest and most secure way to get your taxes done faster, but typos and other mistakes can cause the IRS to reject your return.
Checking to see if you spelled names and filled in numbers correctly can help avoid your return’s rejection or causing it to be manually reviewed, which could delay the refund process.
If you claim tax credits or deductions particularly due to life changes such as getting married, having a child, buying a house or an electric vehicle, the IRS can also manually review your return which could add a few more days of delay.
Choosing to receive your refund through a paper check instead of a direct deposit into your account could also cause delays due to the extra time for mail delivery.
READ ALSO: Who qualifies to receive a food tax refund?
How can I check the status of my tax refund?
The IRS provides the “Where’s My Refund” tool on their website and the IRS2Go mobile app which allows you to check your refund’s situation. You will need your Social Security or individual taxpayer ID number (ITIN), your filing status, and the exact refund amount on your return, to find out its processing status and the date on which you can expect to receive your money.
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