When Can You Expect Your Tax Refund?

When completing their tax returns, taxpayers usually have just two questions; how much am I getting back and when am I getting it?

While many variable come into play in determining how much of a refund you are getting, the same is true for the speed of your tax refund. The good news for taxpayers is, the refunds are going out faster all the time. The keys are filing electronically and selecting direct deposit instead of a paper check.

Technology speeds things up

Following technology improvements, the Internal Revenue Service (IRS) will issue refunds to more taxpayers in as few as 10 days this year for those who e-file and select direct deposit. Overall, the IRS issues the vast majority - more than 9 out of 10 - of all refunds, whether filed electronically or on paper, in 21 days or less.

Although refund speed will generally increase overall, the IRS emphasizes these are “best-case scenarios,” where tax returns are filed accurately and no corrections or review are required.

In addition, the IRS also cautions taxpayers it is increasing scrutiny of tax returns for signs of fraud. This means some tax refunds will face additional screening and review before being released, which will add time before the refund is delivered.

There are some simple ways for people to help ensure they receive their refund quickly. E-file remains the best way to ensure an error-free return.

No errors

Not making mistakes, it turns out, is another way to speed up a refund. Use the correct Social Security number or taxpayer identification number, the correct address, and the correct bank and routing number if electing direct deposit.

The IRS even has a section on its website called “Where's My Refund?,” a tool to check on the status of your refund. Information about refund status is available about three days after the IRS acknowledges receipt of your e-filed return, or four weeks after mailing a paper return.