There’s a huge sense of relief once you have finally filed your tax returns. After working hard for 12 months, it can be a long and complicated process. Knowing you’re owed a tax refund at the end of it makes it all worth it; it’s like Christmas all over again. But, like millions of other taxpayers across the US, it can be an anxious wait for that highly anticipated tax refund.
How long you will have to wait until you receive your tax refund will depend on how you have completed your tax returns. This will have a direct effect on how the IRS examines your details, earnings, and deductions.
If you have filed your tax returns electronically, it is estimated that it will take an average of 21 days from the acceptance of your forms to receive any money back. A paper return typically takes the IRS longer to process because it involves the IRS to manually enter all of your information into their systems and will require a lot more work to complete. The processing of a paper return and issue of a tax refund can take anywhere between 6 to 8 weeks from the date it is received.
Of course, other elements can affect when you receive tax refunds. If you select electronic bank transfer, once approved, you will only have to wait a couple of business days for the money to be processed. However, if you receive your tax refunds by check, it can take much longer and will also involve waiting on mail and visiting your bank. Plus, checks can take several days to process.
If your taxes are complicated, this will take IRS longer to review and verify. It seems to be particularly true for those that have a lot of tax deductions and credits, such as Earned Income Tax Credit and Additional Child Tax Credit.
This is only an estimate of when you will receive tax refunds, as the IRS gives no guaranteed times. You can check the status of your refund online after 48 hours if you have e-filed tax returns, but it can take several weeks if you have submitted them by mail.