The tax season starts around late January and early February and lasts a couple of months until April. And it can go longer than that for those who file an extension.
Many people are excited to get their tax refunds as soon as possible. This excitement exists because tax refunds may provide extra income. So those who are due a refund tend to file sooner, rather than later.
If you are expecting a refund, you might be wondering, when do tax refunds get deposited?
This article will explore the details about what time tax refunds usually get deposited. It will also provide you with other helpful information on this subject.
When Do Tax Refunds Get Deposited?
The Internal Revenue Services (IRS) handles tax returns in the order they are received.
The IRS processes tax refunds twice a week. On the first of those two days, the IRS only processes refunds that will be made via direct deposit. On the second of those two days, the IRS mails all refund checks to taxpayers who do not choose direct deposit.
However, this does not imply that your refund will be handled right after filing your tax return. But, the way you file does affect the timeframe. So what is the difference?
Filing Electronically vs. Filing On Paper
Whether you choose direct deposit or a paper check, it takes about six weeks from when the IRS receives your tax return for your refund to be processed.
Filing a paper tax return may result in a delay of up to several weeks in receiving your refund. Expect longer delays if you file your return on paper, as the IRS processes your documentation more slowly. In addition, e-filing your return cuts the processing time in half, making it three weeks instead.
If you file your tax return electronically, the IRS will normally process direct deposit refunds within 7-10 days of receipt. Otherwise, paper checks are processed within around two weeks of being received.
How to Check on the Status of your Refund
Now, since it will take some time to process your tax refunds, pretty much the only thing you can do at this point is to wait. However, if you are eager to track your tax refunds, you can do this:
First, you must file your federal taxes. Next, once you have filed, you can track its status.
Check the status of your federal tax refund by contacting the Internal Revenue Service or the IRS’ “Where’s My Refund” feature or by visiting the IRS’s website by clicking here.
Yet, note that before you can track your tax refund or to learn its status, you will need to input the following:
- Your social security number
- Your filing status
- The exact amount that is shown on your tax return
Another Option for Tracking Your Tax Refund
You can also try using the IRS2Go mobile app to check the status of your tax refunds online. This is the most effective method of tracking your tax refund because it is the quickest and most straightforward procedure. It is updated every 24 hours with the most recent information.
And there you have it! We hope this answered your question: when do tax refunds get deposited?