Tax season comes around every year and concludes by late spring to early summer. And many individuals, if they are expecting to get a tax refund, look forward to receiving theirs as soon as possible.
In fact, the only part of tax season that most people look forward to may be getting a tax refund. This is because the money from these refunds can be put to good use in many ways.
Have you submitted your tax return, and wonder when your tax refunds will be deposited? If so, you have come to the right place!
This article will discuss just that- when your tax returns are going to be deposited.
What Day Of The Week Are Tax Refunds Deposited?
There is no simple answer to this question. We can, however, give you a ballpark estimate of when you will get your tax refund.
Keep in mind that this is only if you file your federal taxes online, either using a software application or through the IRS e-File system.
Most individuals who file online receive their tax refunds within 21 days of filing their returns, including weekends. However, the arrival of your tax refunds within 21 days is not guaranteed.
Various factors may affect the length of time it takes for you to get your tax return, including the choices you make when you file.
Factors That Affect Refund Deposit Time
The Internal Revenue Service (IRS) processes tax refunds twice a week. On the first day, the IRS processes refunds exclusively for those who receive them via direct deposit.
Then, on the second day, the IRS mails all refund checks to taxpayers who do not elect direct deposit.
However, this does not mean that your refund will be processed immediately upon filing your tax return.
Whether you choose direct deposit or a paper check, your refund will be processed around six weeks after the IRS receives your tax return.
Additionally, electronically filing your return reduces the processing time in half, to three weeks instead of six.
What Causes Long Waits in Tax Refunds?
The most typical cause for tax refunds taking longer to arrive than anticipated is that you made a mistake submitting your taxes. Meaning when you submit your return, your information may be incorrect or missing.
As in the two scenarios mentioned above, you may be subjected to a second evaluation of your application if the circumstances merit it. Identity theft or fraud may endanger your tax submission in the worst-case situation.
If you claim the Earned Income Tax Credit or the Child Tax Credit on your income tax return, the processing of your return will be delayed by two to three weeks.
You might find that using a tool like a Child Tax Credit Calculator might be helpful and can provide additional information as to when you may receive your refund.
In conclusion, there is no particular day you will get your tax refunds.
But, if it is possible, we recommend filing electronically and choosing direct deposit. This way the IRS can give you your tax refunds close to if not within 21 days, weekends included.