financial education, planning, financial education, financial stress, financial management, women and financial servicesUtah Valley University, University of GeorgiaPhD
Did you receive a message saying “Congratulations! The IRS has accepted your return”? If you’re expecting a refund because you filed your 2022 federal income tax return early, you may have gone onto the site “Where’s my refund” to check the status. But what you found was unexpected and possibly a bit confusing: Your return had been “Accepted” but not “Approved.”
My tax return was accepted. When will it be approved?
A federal return that’s been ‘accepted’ means it has passed an initial screening, which includes some basic checks. Once it has entered this phase, its status will remain the same until it has been “Approved.” This would mean it has been processed and that the IRS has approved the release of your refund.
As the saying goes, “patience is a virtue”. And that’s what you’ll need since it usually takes 21 days between the time your return has been “Accepted” and when it’s “Approved,” Once your refund is good to go, the site Where’s My Refund will show you the exact date when it will be issued.
The tax implications of the 4 most common types of debt relief
Blog, Taxes
Why your tax refund should not be too high: and 3 ways to put it to good use
Should you call the IRS?
If you have questions about your refund, the IRS advises you not to call them. This will do nothing to speed up your refund and probably cause you angst if you can’t get through. The IRS processes about 140 million tax returns each year and the people who answer their telephones have nothing to do with processing returns. If you’re concerned about the status of your return, your best option is to check either “Where’s My Return” or “IRS2Go”.
Did you use your W-2 as a piggy bank?
When people expect big, fat, juicy refunds it’s usually because they’ve listed fewer dependents on their W-2s than they really have. For example, the husband of a family of four might claim just two dependents to assure that he gets a good-sized refund—or that he doesn’t owe money. However, many financial experts say this isn’t a good idea. Essentially, you’re lending the federal government money instead of pocketing the interest for yourself.
Since Social Security and Medicare taxes went back up to 6.2% this year, you may have seen your paycheck shrink a bit. You could offset this reduction by changing your withholding information to claim your actual number of dependents. You might not get a nice, big refund the following year, but you would have more money to spend this year. This is an effective strategy if you’re struggling with your family finances. Plus, you would keep the interest for yourself instead of lending interest-free money to the federal government.
What to do with that refund?
If you receive a big refund, you may be tempted to run out and splurge. Or you could deposit it into a savings account or invest it in a certificate of deposit. However, a better way to use it might be to pay off your debts. If you have credit card debt, the best thing you can do is pay off debt. For example, if you have $3,000 in debt with a 20% interest rate, you’re probably paying around $152 a month. If you were to use your refund to pay it off, that’s the equivalent of giving yourself a $152 a month raise. So think carefully before you spend your return.
Content Disclaimer:
The content provided is intended for informational purposes only. Estimates or statements contained within may be based on prior results or from third parties. The views expressed in these materials are those of the author and may not reflect the view of National Debt Relief. We make no guarantees that the information contained on this site will be accurate or applicable and results may vary depending on individual situations. Contact a financial and/or tax professional regarding your specific financial and tax situation. Please visit our terms of service for full terms governing the use this site.
Accepted means your tax return was received and has passed initial inspection, such as correct Social Security number and correctly claimed dependents. It can take anywhere from a few days to three weeks for your return to go from acceptance to approval.
How long do I have to wait until my tax return changes from 'accepted' to 'approved'? The IRS will change your tax return's status to “approved” after they confirm that the information you provided is accurate. This typically takes three weeks from the time it is marked as “accepted”.
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.
(updated December 22, 2023) We issue most refunds in less than 21 calendar days. However, if you mailed your return and expect a refund, it could take four weeks or more to process your return.
This process, especially the approval of your refund, can take some time, usually within 21 days if you've e-filed, but possibly longer depending on various factors.
No, once the IRS accepts the return, it will not be rejected after. However, they may request additional information from you at any time. If you have received notice that the IRS accepted your return, you can be confident they have it, though that does not always mean they have processed it yet.
Why does Where's My Refund say "approved" but TurboTax still says "accepted"? Accepted is the status of your tax return—not your tax refund. Once your return has been accepted (received) by the government, they take over the refund status update duties, since they hold the purse strings.
What does it mean when my e-file's been “Accepted”? It means your return was received and accepted by the IRS. Once the IRS takes a closer look, it should be approved provided everything was correct.
Once you know that your return has been accepted, it's just a matter of waiting. According to the IRS, it takes 21 days or less for the agency to process most tax returns. However, there are instances in which the agency may require more time to deal with an individual return.
Most Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related refunds should be available in bank accounts or on debit cards by Feb.27 if taxpayers chose direct deposit and there are no other issues with their tax return.
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.
Once you've been accepted, you'll have many new obligations and deadlines—deadlines to accept enrollment, apply for housing, submit final high school transcripts, take placement tests and file financial aid forms, to name a few tasks. Remember that many schools require an enrollment deposit or acceptance fee.
Accepted - The company has accepted the application and wants to continue with the screening process. Not Accepted - The company has decided not to include you in the screening process. Pending - The company has not made a decision. When a company doesn't take action on a job application, it expires after two weeks.
When the status changes to approved, this means the IRS is preparing to send the refund as a direct deposit to the taxpayer's bank account or directly to the taxpayer in the mail, by check, to the address used on their tax return.
Use the IRS Where's My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems are updated once every 24 hours. You can contact the IRS to check on the status of your refund.
Key Takeaways. Your tax returns can be audited even after you've been issued a refund. Only a small percentage of U.S. taxpayers' returns are audited each year. The IRS can audit returns for up to three prior tax years and, in some cases, go back even further.
Received means your return is being processed. Approved indicates your return has been accepted and your refund amount is approved. Sent confirms that your refund is being direct-deposited into your bank account or mailed to you as a check.
Introduction: My name is Greg O'Connell, I am a delightful, colorful, talented, kind, lively, modern, tender person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
