What is a tax refund? How long does it take to get it back? You will find all the answers in here.
Tax refunds are much awaited, when you have a tight budget. Managing the taxation system and running it efficiently is important for the US government, as it needs to replenish its coffers. The IRS handles the whole gamut of operations related to taxation. It has fixed time frames regarding all facilities, including deposition of tax refunds.
What is a Tax Refund?
In case, your tax liability is lesser than the return you file, you are eligible for the difference to be paid back to you, as a refund. Several types of tax deductions can lower your tax debt. Refer to the IRS tax deductions list before you file. When you have filed your return, there are two ways in which you can have the refund back. The IRS returns your refund in the form of a paper check, if you request so. Another option available to you, is requesting a direct electronic fund transfer, to your chosen account.
There is one more option for people with multiple bank accounts. By filling a Form number 8888, you can request the IRS to deposit your refund in three separate accounts at most. These accounts may be retirement accounts, savings, or checking accounts.
If you want to know about the status of your refund, just refer IRS website. By entering the social security number, filing status, and exact amount displayed in your return, you may know about your refund status. IRS has a fixed tax refund schedule, which is strictly followed.
How Long Does it Take to Get it Back?
IRS has set fixed time frames for deposition of your tax refunds, depending on the mode of return, which you have opted for. If you have filed your return on paper and sent it by snail mail to the IRS, you are bound to receive your refund within 6 weeks, after the date of receipt. It can be received within this time frame, provided you have entered all the information correctly and there are no errors.
Electronic filing of returns gives you an advantage. The IRS ensures that you get your amount within three weeks, after date of filing, if you have filed the return electronically. The refunds on amended returns take longer to be processed and received. In case, you have filed an amended return, you can expect your tax refund to take about eight weeks to be deposited in your bank account or received by check.
In case, you have made a spouse injury claim, you can expect the tax refund to take even longer due to the greater processing time. For more information in this matter, check out the IRS website. If it so happens that your refund is unusually delayed, the reason might be some error you made, while filing it. You should contact the IRS authorities through their helpline numbers, made available on their website.
After going through this article, I hope that there is no more confusion regarding how long it takes to get a refund deposited in your account. In case, you have any additional queries, you are requested to contact the IRS.