About 1 million Americans have now filed their tax returns – with nearly a quarter of the expected filing tax season rising in high gear. The IRS Arcade Income Tax Credit claims that refunds begin processing, requiring them to be held legally until the middle of February.
How long do you have to wait?
Depending on how you file your tax return and how you will receive your refund, you can wait anywhere from two weeks to several months. According to Ray Martin, a longtime financial consulting columnist for CBS Money Watch, here’s the ideal time to wait.
- Six weeks or more – if you file with paper and request a paper check.
- Four weeks or more – if you file electronically and wanted to be returned by paper check.
- About 10 business days – if you e-file and choose direct deposit.
The IRS says that 90% of returns are processed within 90 days. Legally, though, the government can wait much longer.
Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center, who previously served in the Treasury and Congressional Budget Office, said “the IRS can repay 45 days due to interest after April 1st.”
Filing electronically is faster
One way to make sure you get your money back immediately is to file your taxes electronically file E-filing reduces processing time in a variety of ways. If you file on paper, someone will need to enter that information into the electronic system to process your return. E-filing removes the step that reduces processing time and reduces the chance of introducing errors in the scanning process.
When you’re ready to file, you’ll want to check your return before you press “send” as even small errors can cause a delay in your refund.
“There may be a delay for a whole host of different reasons if your Social Security number is incorrect or does not match your address, but there is something wrong with your form,” Kimberly Palmer, Neddwalet’s personal finance expert, told CBS Money Watch.
This means checking if you have made major changes, such as moving, marrying, getting married, or having children.
If you are claiming EITC or ACTC
The refund process will begin for 20 million taxpayers seeking the Arcade Income Tax Credit or claiming 22 million additional child tax credits. Because the governmentTo process these refunds as part of an effort to bring charges against tax fraud until the middle of February.
Once processing begins, it will take a few more weeks for the money. The IRS says that if you file electronically and choose to have your refund deposited directly, the money should reach your bank account by the first week of March, the IRS says.
Checking your refund status
If you file electronically, you can check your refund status with the IRS ‘ Website Beginning 24 hours after you file. If you file on paper, you will be able to check your refund status after four weeks.
The agency recommends checking your return status online, if possible, rather than calling you. If you pick up the phone, keep in mind that the next week of Presidential Day is usually a busy day for the IRS.