It is a fact that the last tax season, the average direct deposit tax return was close to $3,000, so it’s no wonder that the most popular tax season-related question we’re now hearing is, “Where’s my refund?” The users also face different technical issues like TurboTax won’t open, which could also be fixed by applying a few important steps. However, the time it takes the IRS to process your tax refund is determined by how you file your tax return – either electronically or by mail.
E-filed tax returns with direct deposit:
The quickest method to collect your federal tax refund is to e-file with direct deposit. The IRS typically expects to provide nine out of ten tax refunds within 21 days after receipt. However, we are noticing deviations from the usual.
The Refunds with EITC or Additional Child Tax Credit:
According to the IRS, if you used the new “look back rule” to compute any of these credits using past year income, they will have to manually process your return. This manual approach will cause further delays in reimbursements.
Recovery Rebate Credit (RRC):
The IRS has said that if the information you supplied on your tax return while claiming the RRC does not match the IRS records, your refund may be delayed. If you failed to include the necessary stimulus amounts on your tax return, the IRS would have to manually amend it. This manual modification will cause refund processing to be delayed. We have contacted the IRS and will offer additional information on refund timeliness shortly.
Processing of Tax Refunds
Begin monitoring status 24–48 hours after e-filing:
Once you’ve e-filed your tax return, you may use the IRS. Where’s My Refund? Feature to track your refund status. And so, you’ll need your Social Security number or ITIN, your filing status, and the precise amount of your refund.
Return Received Notification within 24 – 48 hours of e-filing:
Once the IRS begins processing your tax return, the Where’s My Refund? The feature will display “Return Received” status. When verifying the status of a refund, you will need the following information: It includes the social security number or ITIN, filing status, and the amount of your federal tax refund stated on the tax return. You won’t see a tax refund date until the IRS has completed processing your tax return and approved your refund.
Change in status from “Return Received” to “Refund Authorized”:
When the IRS completes processing your tax return and certifies that your tax refund is approved, your status will change from “Return Received” to “Refund Approved.” The status change may take a few days, and a tax refund date will not be presented in Where’s My Refund? Now, until your tax return has been processed and your tax refund has been authorized.
What happened to my refund? The tool displays the refund date: When your status changes to “Refund Approved,” the IRS will provide you with a specific refund date.
What happened to my refund? displays “Refund Sent”:
If the status under Where’s My Refund? Shows “Refund Sent,” the IRS has transferred your tax refund to your financial institution for direct deposit. It is true that it possibly might take up to 5 days for your banking institution to deposit funds into your account. If you decide to get your tax refund by mail, it may take several weeks for your check to arrive.
Getting confusion with TurboTax versions like TurboTax Deluxe vs Premier or where is my refund is common. One can simply fix it by applying a few important steps. All you need to do is to apply a few important steps.
Related post of TurboTax you should read: How to install TurboTax & How to Track Refund
