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When we file our tax return and expect a tax refund, it may seem like forever before we receive the refund check or deposit. There are ways to track the progress of your tax refund as well as receive some updated general information about how refund payments are handled.
The IRS says it processes about nine out of 10 refunds in less than three weeks. Processing a refund check doesn’t guarantee the check will be in a taxpayer’s hands in three weeks, but does say that, generally, it takes three weeks to receive a tax return, process it and confirm a refund check. The check should then be mailed or auto-deposited in a taxpayer’s designated account. The simpler the tax return, the faster the processing time.
Any taxpayer may use the fast “Where’s My Refund?” online tool to monitor a refund’s status. E-Filers may use this tool within 24 hours of filing their return. Paper filers must wait 4 weeks after mailing their tax return before this tool will begin showing their refund status. There is also a mobile app taxpayers may use called IRS2Go, available in both English and Spanish.
Experience shows several factors may slow down the processing of any tax return and refund check. More complicated returns containing several pages of documents such as deduction and tax credit forms, and several Forms 1099 take longer to review and confirm. Something as simple as failing to sign the tax return will cause delay as the IRS must contact the taxpayer by mail to request any updates, changes or information before a refund check may be issued.
You may be surprised at how many refunds are delayed by simple taxpayer mistakes like a missing signature, incorrect Social Security number, or a simple math error – especially on self-prepared tax returns. These kinds of errors are significantly reduced when professional tax preparers are used to prepare and file even simple returns.
Sometimes taxpayers are victims of identity theft, but don’t realize it until they submit their tax return and the IRS informs them someone else has already used their Social Security number to request a refund. The IRS will contact the legitimate taxpayer by mail about the suspected fraudulent tax return. A taxpayer must then go through what may be several months of investigation and paperwork to verify their identity and Social Security number before receiving their refund.
Electronic receiving a refund through direct deposit is the easiest, fastest and safest way to receive a tax refund. Each year more taxpayers choose direct deposit. In the 2016 tax year, 8 out of 10 taxpayers requested their refunds be deposited this way. Taxpayers may also request their refund check be split and auto-deposited in up to three different bank accounts.
If you need more information or would like to discuss your options for receiving your tax refund, please contact us online or call us at McRuer CPAs at 816.741.7882.
