How Long does it take IRS to approve a Refund?

Tax season is a time when people in the United States feel a bunch of different feelings. Some people feel relieved because they’re expecting to get money back from their taxes. But others might feel a bit worried because they’re waiting to hear what’s going on with their tax return. One big question that pops up during tax season is: How long does it take for the government (the IRS) to say “okay” to giving you back some money? Knowing how long this usually takes can help calm down some of the worry that comes with waiting for your tax refund.

The Approval Process:

When you finish your tax forms, you send them to the government (the IRS) either by computer (electronically) or by putting them in the mail. Once the IRS gets your tax forms, they check them over carefully to make sure everything is correct. This part is super important because if there are any mistakes or if something’s missing, it can take longer for them to approve your refund.

If you send your tax forms electronically and choose to get your refund directly deposited into your bank account, the IRS tries to give you your money back within 21 days after they say “okay” to your forms. But remember, this 21 days is just an estimate, and sometimes it can take a bit longer depending on how complicated your taxes are and how busy the IRS is at that time.

Factors Affecting Approval Time:

Several factors can influence how long it takes for the IRS to approve a tax refund:

1. Accuracy of Information: If you provide all the right information on your tax forms, the IRS can approve your refund faster. But if there are any mistakes or missing details, it’ll take them longer to check everything over.
2. Type of Return: Some tax returns are more complicated than others. If yours has a lot of deductions, credits, or special situations, it’ll take the IRS more time to go through it and approve your refund.
3. IRS Workload: The IRS has a ton of tax returns to process every year. Especially during the busiest times, like right before the April deadline, they have a lot more work to do. This means it might take them longer to get to your return and approve your refund.

Checking the Status of Your Refund:

If you’re eager to know the status of your tax refund, several resources are available to help track its progress:

1. “Where’s My Refund?” Tool: The IRS has a website tool called “Where’s My Refund?” It’s like an online tracker that lets you see where your refund is. To use it, you just need to enter some details: your Social Security number, how you filed your taxes, and the exact amount of your refund.
2. IRS2Go Mobile App: If you prefer using your phone, the IRS has an app called IRS2Go. It does the same thing as the website tool. You can download it for free on your iPhone or Android phone.
3. Refund Hotline: If you’d rather talk to someone, you can call the IRS refund hotline at 1-800-829-1954. Just be ready to give them the same info you’d need for the online tools.

Filing Method and Acceptance Time:

1. If you file your taxes electronically (using a computer), the IRS can acknowledge your return really quickly, sometimes in just a few minutes.
2. If you use a tax professional to file it then you will get acknowledgment within a day or two.
3. But if you choose to mail in your tax forms (paper filing), it can take much longer for the IRS to process your return, usually around six to eight weeks.

Refund Delivery Time:

After the IRS accepts your return, you will have an question in your mind that when will you get it. So let’s check this out.

1. So if you have chosen direct deposit while filing electronically then you can expect your refund in your bank account within 7 to 21 days.
2. But if you opt for paper filing or ask for a check in the mail, it’ll take longer to get your refund. You’ll need to add four weeks or more to the processing time mentioned earlier. So, it will take several weeks to get your money if you go this route.

Conclusion:

Waiting for a tax refund can be tough, but knowing how the process works and what factors affect it can help calm your worries. Make sure to give accurate information on your tax return, and use tools like “Where’s My Refund?” to track your refund status. Remember, processing times can vary depending on different factors, so it’s important to stay patient and informed while you wait.