The Internal Revenue Service has begun carrying out the process of reviewing and assessing tax returns from fiscal year 2023. The refund of the excess tax paid will be sent in the order of arrival of the completed forms at the IRS, so those who filed early may expect their refunds earlier as well.
The official website provides a well of general information for taxpayers, but it also has a specific tracking tool, called “Where’s My Refund?” for users to know when the agency sends payments to those who paid a surplus of tax.
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How soon can I get my tax refund?
The refund period depends on the filing date of the relevant forms, as well as the method by which they were sent. The IRS states that they make payments within a maximum of 21 days from the time they receive the return.
If you filed your tax return electronically without any errors, the IRS will generally process direct deposit refunds within seven to 10 days of receiving your return.
Paper checks will take longer, and will be processed within approximately two weeks. Filing a paper tax return can further delay your refund by up to several weeks. It could take up to eight weeks for the taxpayer to receive the money if they carried out the procedure by mail, and chose to receive the refund by check.
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What days of the week can I receive my refund?
The exact day of the week that the IRS will deposit your refund into your account can vary, but they usually send the refund on every business day, from Monday to Friday.
It is possible that the refund may be received on certain Saturdays, depending on when the return was filed. Sundays and holidays are completely excluded from receiving any refund. Under the old IRS system which changed a decade or so ago, the tax agency only issued refunds once a week.
If you chose the direct deposit option to receive your money, it is of the utmost importance to provide accurate and complete information on your tax return, including your bank’s routing number and your account number. This will help ensure that you will receive your refund as early as possible.
FAQs
The IRS only issued refunds once per week under the old system. They now issue refunds every business day, Monday through Friday (except holidays). Due to changes in the IRS auditing system, they no longer release a full schedule as they did in previous years.
What day of the week does the IRS deposit refunds? ›
What days of the week can I receive my refund? The exact day of the week that the IRS will deposit your refund into your account can vary, but they usually send the refund on every business day, from Monday to Friday.
What day is the IRS releasing EITC refunds in 2024? ›
should show an updated status by February 17 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27 if they chose direct deposit and there are no other issues with their tax return.
How many days after a refund is approved will it be deposited? ›
IRS tax refund timeline
| Filing method | E-file/Direct deposit | Paper file/Direct deposit |
|---|
| Refund time | 1-3 weeks | 3 weeks |
While a person can choose direct deposit whether they file their taxes on paper or electronically, a taxpayer who e-files will typically see their refund in less than 21 days.
Do tax returns only come on Wednesdays? ›
The IRS generally issues tax refunds through direct deposit within 21 days of processing your tax return. While the exact day of the week that your refund will be deposited can vary, the IRS typically issues refunds on weekdays, Monday through Friday.
Do refunds go through on weekends? ›
The oly way you may get a payment on a Saturday is if the refund was made on a Friday and the money is processed on the very next day. Other than that, refunds are never made to financial institutions on weekends of holidays.
When should I expect my tax refund in 2024? ›
If you're looking for your tax refund, use the "Where's My Refund" tracker first. To check your refund's status you'll need your Social Security number, filing status and the amount of money you're owed as a refund. If you filed your taxes online and your return is error-free, you can expect your refund within 21 days.
Have EITC refunds been released? ›
How can we help? If you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS shows your refund will be released mid-February. Refunds should be available in your account by the first week of March if you chose direct deposit and there are no other issues with your tax return.
How long is it taking to get tax refunds in 2024? ›
If you file an electronic return, expect a refund and opted for direct deposit, you should get it within 21 days of filing, as long as there are no issues with your return, like inaccuracies or incomplete information, according to the IRS.
The IRS only updates your refund status information once per week on Wednesdays.
How will I know if my refund is approved? ›
Tracking the status of a tax refund is easy with the Where's My Refund? tool. It's available anytime on IRS.gov or through the IRS2Go App. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received.
What comes after refund approved? ›
Refund Approved – We approved your refund and are preparing to issue it by the date shown. Refund Sent – We sent the refund to your bank or to you in the mail. It may take 5 days for it to show in your bank account or several weeks for your check to arrive in the mail.
Does the IRS only deposit on certain days? ›
The IRS only issued refunds once per week under the old system. They now issue refunds every business day, Monday through Friday (except holidays). Due to changes in the IRS auditing system, they no longer release a full schedule as they did in previous years.
Why has my refund been accepted but not approved? ›
"IRS Accepted Return But Not Approved" Meaning
If a taxpayer receives the status update that their tax return was accepted but not approved, this means that the IRS has received their tax return, but they have not yet evaluated the information.
What is the fastest time to get your tax refund? ›
How to speed up your tax refund
| How to receive your tax refund | E-file | Paper file |
|---|
| Direct deposit | Fastest, within 21 days | Slower, 4 to 6 weeks |
| Paper check | Fast, 21 days plus delivery time | Slowest, 4 to 6 weeks plus delivery time |
When does direct deposit hit? Funds that are directly deposited into a bank account typically go through before 9 a.m. but can arrive as early as midnight. The variability in the amount of time it can take is largely due to the payer's timeframe to release funds.
What time does Credit Karma deposit tax refunds? ›
If approved, your Refund Advance will be deposited into your Credit Karma Money™ Spend (checking) account, typically within 4 minutes after the IRS accepts your e-filed federal return and you may access your funds online through a virtual card. Your physical Credit Karma Visa Debit Card* should arrive in 7 - 14 days.
Is it normal for my tax return to be still processing? ›
There are several reasons why your tax return may be delayed: Errors such as an incomplete filing status. Missing information. A need for additional review.
