There is no doubt that many taxpayers file their returns before the filing deadline so they can get their tax refunds quickly. But remember, the IRS does need some time to process your tax return before it can issue the refund. Watch this video to learn more about when you'll be receiving your tax refund.
Video transcript:
Hello, I’m Jill from TurboTax with some important information about federal tax refunds.
There is no doubt that many taxpayers file their returns before the April deadline so they can get their tax refunds quickly. But remember, the IRS does need some time to process your tax return before it can issue the refund. And depending on how you file your return and the method of payment you request, the length of time between filing your return and receiving your refund can vary.
The IRS makes tax refund payments in three ways and allows you to choose the payment method on your tax return. You can request your refund to be direct deposited into a maximum of three checking or savings accounts or have a paper check mailed to your home. And although not as popular as the first two methods, you can even purchase U.S. savings bonds from the IRS with your tax refund.
In addition, TurboTax offers you the option of having your tax refund deposited directly to a reloadable prepaid VISA card—without using a bank account or waiting for a paper check. You'll get your refund in as fast as 7 days when you e-file.*
*Update for the 2023 tax year: The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2024.
Tax refunds are processed by the IRS two times per week. On the first day, the IRS only processes refunds that it will make through direct deposit, and on the second processing day, the IRS mails all refund checks to taxpayers who don't choose direct deposit.
But this doesn’t mean your refund will be processed immediately after filing your tax return. When you mail your tax return, it takes approximately six weeks from the date the IRS receives it to process your refund, regardless of whether you choose direct deposit or a paper check. And if you e-file your return, the processing time is cut in half. Approximately three weeks from the date the IRS confirms receipt of your return you should see a deposit in your account or receive a check in the mail.
If you want to monitor the status of your refund so you know exactly when you’ll receive it, you can access the “Where’s My Refund” tool on the IRS website or call its Refund Hotline.
When you use TurboTax to file your tax return, you can also check your e-file status on our website, or use our mobile app to track your refund.
When using the IRS’s online tool, it isn’t necessary to check back every day. The IRS only updates your refund status information once per week on Wednesdays. If you e-file your tax return, wait at least 72 hours from the date the IRS confirms receipt of your return before checking your refund status, and at least three weeks if you mail the return instead.
With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.
And if you want to file your own taxes, you can still feel confident you'll do them right with TurboTax as we guide you step by step. No matter which way you file, we guarantee 100% accuracy and your maximum refund.
FAQs
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.
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 |
The IRS updates the tool once a day, usually overnight, so there's no need to check more often. This prevents individuals from having to contact the IRS for updates unless the tool requests them to call. Where's My Refund?
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.
What time does the IRS do direct deposits? ›
Short answer: IRS sends electronic transfers to all financial institutions on Friday evenings to be posted the following Tuesday (Monday @ midnight) You can always check your pending transactions via online or mobile banking.
Does the IRS work on Saturdays? ›
Beginning Feb. 24, taxpayers will have the opportunity to seek assistance from 9 a.m. to 4 p.m. on select Saturdays without the need for prior appointments. The designated TACs, located in various cities across the state will provide taxpayers with access to IRS services. Here are the Feb.
How do you know if your refund amount is approved? ›
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.
How do I know if my refund was approved? ›
The most convenient way to check on a tax refund is by using the Where's My Refund? tool on IRS.gov. Taxpayers can start checking their refund status within 24 hours after the IRS acknowledges receipt of the taxpayer's e-filed return.
How do I know if my tax return was accepted? ›
- If you are receiving a tax refund, check its status using the IRS Where's My Refund tool. You can view the status of your refund for the past 3 tax years.
- If you owe money or are receiving a refund, you can check your return status by signing in to view your IRS online account information.
It's Up-to Date! - It's updated every 24 hours - usually overnight -- so you only need to check once a day. There's no need to call IRS unless Where's My Refund? tells you to do so.
When to expect your child tax credit refund. For early filers, the IRS told CNET that most child tax credit and earned income tax credit refunds would be available in bank accounts or on debit cards by Feb. 27 for taxpayers who have filed and chose direct deposit -- and there are no other issues with their return.
What days does the IRS deposit refund 2024? ›
Estimated 2024 IRS Income Tax Return Chart
| If the IRS Accepts an E-Filed Return By: | Then Direct Deposit refund may be sent as early as 10 days after e-file received. (Paper check mailed sent apx. 1 week after that): |
|---|
| Jan. 29, 2024 | Feb. 9 (Feb. 16)** |
| Feb. 5 | Feb. 16 (Feb. 23)** |
| Feb. 12 | Feb. 23 (Mar. 1)** |
| Feb. 19 | Mar. 1 (Mar. 8)** |
7 more rowsFeb 7, 2024
Simple answer yes they do unless its a goverment shutdown.
Why does it take 5 to 7 days for a refund? ›
Refunds can take 5-10 days to process due to the exchange of information between multiple parties involved in the refund process. Manual oversight, varying refund processes, and the number of parties involved contribute to the time it takes for refunds to be credited.
How long can the IRS hold your refund for review? ›
If the IRS is reviewing your return, the review process could take anywhere from 45 to 180 days, depending on the number and types of issues the IRS is reviewing.
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.
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.
Does TurboTax tell you when my refund is deposited? ›
You should receive notification(s) from TurboTax (email or text, depending on what you chose when preparing your taxes through the TurboTax software). As for direct deposits, it will generally take your financial institution 1-2 business days before the money is made available to you.
What does it mean when the IRS says your tax return has been received and is being processed? ›
This means the IRS has your tax return and is processing it. Your personalized refund date will be available as soon as the IRS finishes processing your return and confirms that your refund has been approved. Most refunds are issued in less than 21 days.
