Are you ahead of the game and already filed your tax return? You rock!
Now you're wondering “where's my refund?” We can help!
You're in the right place. The IRS isn't very straightforward with a lot of tax items since there are so many gray and “up to interpretation” areas, but on the tax refund front, they are a little less opaque. The trouble with taxes is that it's one area where most people into their special brand of legalese so it can be a big challenge.
As for when to expect your tax refund, it all depends on when you filed, how you filed, and how you asked for your refund.
If you have not filed your taxes yet, read on to see how to get your tax refund as quickly as possible. If you already filed your taxes, jump to this part to check on your the status of your refund and see the IRS refund schedule.
How to Get Your Refund Fast
The fastest way to get your tax refund is to file your taxes electronically. That means using tax software (versus a paper form) and e-filing (versus postal mailing) your return, then requesting your refund as a direct deposit.
The University of Hartford's Professor of Taxation, Patricia Jaeger, agrees.
Patricia Jaeger, Professor of Taxation at the University of Hartford
People can receive their tax refund quickly if they provide their bank routing number and a checking or savings account number to the IRS. That way the refund can be directly deposited into their account. They should also electronically file their tax returns.
Many providers, including the IRS, provide some filers the ability to electronically file their return for free. Even if you have to pay a fee, it’s worth it to quickly file your return and receive your refund. This also would apply to any state tax returns and refunds.
When the average tax refund is over three thousand bucks, it pays to get it as quickly as you can.
When you mail your return, the post office needs to mail it. Then the IRS needs to convert it into electronic form. (this can take four weeks!)
Assuming no errors, it'll take a few days to process your return.
If you request a check, they have to cut the check, mail it to you, and then you have to deposit it at the bank. All of those take time. A few days here, a few days there, four weeks here, yadda yadda, before you know it you're talking real-time!
If you do everything electronically, from filing to deposit can be as fast as 21 days. The IRS has reported that 90% of tax refunds are issued within 21 days if you file electronically and opt for direct deposit.
E-Filing Is Safer Too
As a bonus, if you're worried about identity theft and security (we all should), e-filing is the safest way to file your taxes.
When you mail a return, it has gone through so many hands. Your postman has to pick it up, your local post office has to process it, it has to be moved from your post office to the IRS via the distribution system, and then someone at the IRS has to take it and process it locally. That's a lot of people. There's a 99.999999% nothing happens.
When you e-file, it goes through the internet in an encrypted form and no one sees it. Zero. Plus, the IRS will confirm they received your return. They don't do that if you mail it.
How to Check Your Refund Status
Wait 24 hours after e-filing, 4 weeks after mailing a return
The IRS has a tool that you can use to find out your refund status – it's called Get Refund Status (clever name!) and you'll need:
- Your Social Security Number
- Your Filing Status
- Your Refund Amount (exact whole dollar amount)
If you mailed your tax return, you need to wait four weeks. If you e-filed, you need to wait just 24 hours. (see! e-filing is waaaaay faster)
That tool will then give you a status update and tell you a personalized date once the IRS has approved your refund.
IRS Refund Schedule
If the tool hasn't been updated yet or you have some future planning to do with that refund but haven't filed yet, it is well known.
The dates are based on when the return is accepted by the IRS. If you mail it, you won't know the exact date since they won't send you confirmation. If you e-file, then you'll know the exact date and time of the confirmation.
This schedule also depends on whether or not you have any special circumstances. For example, if you've been the victim of identity theft or fraud, your return can take longer to process. If your return is incomplete or contains errors, it will take longer to return.
Finally, the refund sent date depends on whether you ask for a Direct Deposit or a Paper Check. If you request a paper check, it is mailed four days after the Direct Deposit would have been processed. It will also take a few days for you to receive it.
The math of it is straightforward – just take the calendar week (Monday to Sunday is one week) your return is accepted and you will get your direct deposit sent on the 2nd Monday after that week. The mailed refund is sent that Friday.
Here's the 2020 schedule the IRS has shared for your taxation enjoyment:
| Return Accepted before 11 AM | Direct Deposit Sent | Paper Check Mailed |
|---|---|---|
| Jan 27 | Feb 7 | Feb 14 |
| Jan 28 – Feb 03 | Feb 14 | Feb 21 |
| Feb 04 – Feb 10 | Feb 21 | Feb 28 |
| Feb 11 – Feb 18 | Feb 28 | Mar 6 |
| Feb 19 – Feb 24 | Mar 6 | Mar 13 |
| Feb 25 – Mar 02 | Mar 13 | Mar 20 |
| Mar 3 – Mar 9 | Mar 20 | Mar 27 |
| Mar 10 – Mar 16 | Mar 27 | Apr 3 |
| Mar 17 – Mar 23 | Mar 27 | Apr 3 |
| Mar 24 – Mar 30 | Apr 10 | Apr 17 |
| Mar 31 – Apr 06 | Apr 17 | Apr 24 |
| Apr 07 – Apr 13 | Apr 24 | May 1 |
| Apr 14 – Apr 20 | May 1 | May 8 |
Other Important Tax Dates for 2020
When can I file my tax return? The IRS announces when you can file your taxes and for 2020 that date is January 27th, 2020. You can start your return whenever you want but you won't be able to file them until the 27th. This is for a variety of reasons but primarily because they need to prepare their systems for all the tax law changes that happen each year. Also, other institutions aren't required to mail your forms, like 1099s, until January 31st.
When are taxes due? The due date for filing your federal income taxes is normally April 15th, 2020. There were no holidays anywhere that'll push the due date.
For 2020, due to the Coronavirus epidemic, the tax due date was moved to July 15th, 2020.
If you request an extension, your taxes are still due on Tax Day even if your return isn't due until October 15th. This date also follows the weekend/holiday rule but the 15th in 2020 is a Thursday.
If you claimed the Earned Income Tax Credit or the Additional Child Tax Credit, you won't receive your refund until February 27th. Federal law required the IRS to hold the refunds of anyone who claimed those two credits and is a rule that applies every year. This is to prevent fraud.
The Estimated Tax due dates for 2020 are April 15th, June 15th (for 2020, extended to July 15th), September 15th, and January 15th of the next year. These dates do not change and are not related to your tax return so they don't experience any type of date shifting due to weekends or holidays. They're due on those dates every single year.
Don't Take a Refund Anticipation Loan!
A refund anticipation loan is a loan based on your federal tax refund. Lenders start offering this around tax season and they're typically very expensive, chock full of fees and a very high-interest rate. If you need cash, this is often one of the most expensive ways to borrow money and something you should try to avoid at all costs. These are so bad that the IRS stopped providing information to these companies!
If you haven't filed your taxes yet, do so as soon as possible electronically! If all is well, you will be able to get your tax refund in as little as two weeks.
Companies will sometimes name these different things but always look at the fine print for interest rates and fees.
Still Haven't Gotten Your Refund?
You can call the IRS… but you need to wait 21 days if you filed electronically and six weeks if you filed via mail. (again, e-filing is so much faster)
You can call the IRS at 800-829-1040 (here's a link to the IRS website with this same number listed, for what it's worth, I wouldn't trust a random website either…).
Make sure you know your Social Security Number (or Individual Taxpayer Identification Number if you don't have an SSN) and your filing status. Also, have your prior-year tax return and the year you're calling about. Finally, if you have any notices or letters, have those too. This will help you confirm your identity so they can help.
When you do get your refund, make sure to use it on something financially responsible!
