How Long Does It Take Taxes To Come Back – House Money Tax 2023 IRS Tax Refund Schedule (Tax Year 2022): When will I receive my tax refund?
The IRS processes tax returns as they are received. If you file your tax return electronically, the IRS typically processes a direct deposit refund within 7-10 days of receiving your return, and a paper check is processed in about two weeks. Filing a paper tax return may delay your refund by several weeks.
How Long Does It Take Taxes To Come Back
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When can I file my tax return? The 2023 tax season officially opens on January 23rd. You can start filing your 2022 return through IRS Free File before this date, but the IRS won’t process it until the end of the month. Paper tax returns may face additional delays. More than 90% of tax refunds filed electronically are processed and issued within 21 days.
The IRS processes tax returns as they are received. If you file your tax return electronically, the IRS typically processes a direct deposit refund within 7 to 10 days of receiving your tax return and processes a paper check within about two weeks. Filing a paper tax return may delay your refund by several weeks.
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When can I file my tax return? The 2023 tax season officially opens on January 23rd. More than 90% of tax refunds are processed and issued within 21 days.
When filing your federal tax return, you may have questions: How much tax will I pay? How much will I receive in tax refund? When I’ll receive it?
There is no quick or easy answer to the first two questions. However, we can give you an estimate of when you will receive your tax refund, but only if you file your federal taxes electronically using software or using IRS e-File. Nine out of 10 taxpayers receive a tax refund within 21 days when filing electronically.
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Expect more delays if you file your return on paper, as the IRS takes longer to process your paperwork. The tax refund chart below the transition provides more information on when to expect your tax refund.
Still need to file a tax return? Check out some of the best online tax programs for 2023 below.
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The tax refund table below is based on previous tax refund tables published by the IRS to help taxpayers know when they should receive their tax refund. The IRS transitioned to the Modern Electronic File (MEF) system in 2013 (tax year 2012). Under the old system, the IRS only refunded money once a week. They now issue refunds every business day, Monday through Friday (excluding holidays).
Due to changes in the IRS audit system, they no longer publish the full schedule as in previous years. The chart below is based on IRS statements, published guidance, and estimates from previous years.
If you filed your tax return electronically, you should receive confirmation that the IRS accepted your federal tax return. This date will be indicated in the left column. If you don’t file your taxes electronically, this worksheet may not be useful to you for two reasons: You won’t have a date confirmation of when your tax return was accepted, and paper tax returns are filed manually by IRS employees. , so the process takes longer.
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You will also notice that this chart covers dates beyond the traditional filing date. If you file after April 18, 2023, you will need to request an extension to pay your taxes. This is easy to do and can potentially save you a lot of money on fines.
Note. The IRS e-file opening date is January 12, 2023. The IRS will begin accepting and processing returns on January 23, 2023. You can try to extrapolate the return date based on the chart below.
*Note: Again, these are approximate dates based on previous tax refund schedules published by the IRS. The IRS no longer publishes this tax refund chart due to the audit process.
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Keep in mind that it may take several days for your financial institution to make your deposit available or several days for the check to arrive in the mail. Keep this in mind when planning how to use your tax refund.
The IRS says it is giving you an additional five days to have the funds available to you. In almost all cases, direct deposit will refund your taxes in less than five days, and in some cases it will be available right away.
The first official day to file your 2022 tax return is January 23, 2023. However, many tax programs will allow you to complete and “file” your return before that date, including IRS Free File, which opens on January 13th. They will then withhold the earnings until the IRS begins accepting them.
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Some taxpayers who electronically file their tax returns early may be able to participate in the IRS HUB testing program. This is a controlled audit of the federal tax filing system. The IRS is processing a small percentage of tax returns from large software providers to test the tax filing process and correct errors before opening the doors to all taxpayers.
Last year was another unusual year for taxes, with the IRS automatically extending tax filing deadlines and federal income tax payment deadlines. There was no such announcement this year.
The tax filing deadline for most individuals and businesses for the 2022 tax year is April 18, 2023.*
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April 15 is the tax deadline for most years unless it falls on a weekend or holiday. April 16 is an Independence Day holiday in Washington, D.C., which may affect tax filing deadlines in some years. In 2023, April 16 falls on a Sunday, and Liberation Day will be celebrated on Friday, April 14.
If you are not ready to pay the tax by the due date, you can apply for an extension of the tax payment deadline. This year, the tax deadline to file an extension is October 18; However, any federal income tax payments are due by the original tax return due date. If you believe you owe federal taxes, it is recommended that you make your estimated tax payment before the tax deadline.
Approximately 90% of taxpayers will receive their refund within 21 days of the IRS accepting their tax return. Most people receive their refund within 10-14 days on average.
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Your bank usually makes your payment available within one to three days of receiving payment from the IRS. Checks may take longer to clear.
Yes, tax refund delays are common. Under federal law, the IRS is required to withhold tax refunds for taxpayers claiming the Earned Income Tax Credit and the Additional Child Tax Credit until at least February 15, 2023. Keep in mind that it may take up to a week to receive your refund from the IRS. Therefore, some early filers may experience delays while awaiting reimbursement. After this date, returns should be processed as normal.
Also note that new identity theft and anti-fraud protections may prevent some refunds as some federal tax returns may be held for further review.
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You can also apply for a refund of any tax due in the future. This is a popular choice among some small businesses that need to pay estimated taxes.
Of the three refund options available to you, direct deposit is the fastest and most secure option. You may receive your refund via ACH bank transaction within a few days. However, paper checks may take more than a week to process and delivery via the postal system may take several days.
*Note. Some tax software companies also offer the option of receiving your tax refund on a prepaid debit card. I don’t particularly like this option, but it is available to some taxpayers. In this case, the refund is first sent to the tax preparation company. They then issue you a prepaid debit card.
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The refund schedule must be the same as if you had applied for a tax extension; However, there is no official schedule for tax refunds on amended tax returns. The list above includes only dates for filing original tax returns electronically. Amended tax returns are processed manually and often take eight to 12 weeks to process. If you have not received your amended tax return within eight weeks of filing it, you should contact the IRS to check the status.
You should be able to check with the IRS
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