How Long Does It Take To Get Tax Refund
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Tax season can be an anxious time for many, and the length of time it takes to get a tax refund can be a major cause of stress. The IRS aims to process 90 percent of all tax returns within 21 days or less, so many refunds are issued in that timeframe. However, there are exceptions that can cause the process to take longer.
The IRS begins taking returns on January 29th and continues through mid-October. However certain circumstances can cause the process to take longer. One common reason is incomplete or inaccurate information, which can lead to an audit. If an audit reveals a big discrepancy between your documentation and the information in your return, that too can delay the process.
It can also take longer if you’ve chosen to direct deposit your refund into multiple accounts, or if you’re sending it to a financial institution outside of the US. If the information on your returns does not match entries with the government, you may need additional time to provide more information or documentation.
There are also two circumstances where the IRS must legally hold your return: when the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) is claimed, or when your return must go through additional verification or edit checks.
If your return is part of the 90 percent that gets processed within 21 days, generally you should expect your refund to arrive shortly after you receive your ‘Refund Approved’ notification via email. After that, the IRS sends your tax refund to the bank or financial institution it is bound for, and this process usually takes several business days.
You can also use the ‘Where’s My Refund?’ tool on the IRS website to check its status. As a general rule, if your refund becomes more than 21 days overdue, you’ll need to contact the IRS directly.
Overall, receiving your tax refund should not take longer than six weeks, unless there is an issue with your return. If it does, that means that there is most likely an issue that needs to be addressed with the IRS and you should contact them as soon as possible.