How long does it take for a tax refund to show in the bank account after approval?
Typical Tax Refund Processing Time
The Internal Revenue Service (IRS) typically processes tax refunds in the following timeframes:
1. E-Filed Returns with Direct Deposit:
- The IRS issues more than 9 out of 10 refunds in less than 21 calendar days after the tax return has been accepted.
2. Paper Filed Returns:
- If you mailed your tax return and expect a refund, it could take four weeks or more to process the return.
3. Factors Affecting Refund Timing:
- Refunds may take longer if the return:
- Contains errors or is incomplete.
- Needs further review.
- Is affected by identity theft or fraud.
- Includes claims for certain credits like the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC).
- The IRS cannot issue EITC and ACTC refunds before mid-February due to the Protecting Americans from Tax Hikes (PATH) Act.
4. Checking Refund Status:
- Taxpayers can check the status of their refund using the "Where's My Refund?" tool on the IRS website or the IRS2Go mobile app. The tool is updated once a day, usually overnight.
5. Direct Deposit:
- Direct deposit is the fastest way to receive a federal tax refund. Taxpayers who file electronically and choose direct deposit can typically expect their refund in less than 21 days if there are no issues with their tax return.
Please note that these are general guidelines, and individual circumstances may vary. Taxpayers are encouraged to use the "Where's My Refund?" tool for the most up-to-date information regarding their specific refund.
Sources:
Tax Season Refund Frequently Asked Questions - Internal Revenue Service 2024-08-03
Where's My Refund? | Internal Revenue Service 2024-08-03
Tax Time Guide: IRS enhances Where’s My Refund? tool for 2024 filing season 2024-08-02
What to Expect for Refunds This Year | Internal Revenue Service 2024-08-03
Topic no. 152, Refund information - Internal Revenue Service 2024-08-03
Amended return frequently asked questions | Internal Revenue Service 2024-08-02
Direct deposit fastest way to receive federal tax refund 2024-07-31
Reasons why some tax refunds filed electronically take longer than 21 days 2024-08-01
IRS operations: Status of mission-critical functions 2024-08-03
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Disclaimer: the information provided does not, and is not intended to, constitute legal advice. Generative AI systems can make mistakes. Verify all important information.
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