As Americans begin to file their taxes this year, millions expect to get a refund either via direct deposit or check. Last year, over 128 million Americans received an average refund of $2,775 from their 2020 tax returns, according to the IRS. Show However, the IRS has recommended Americans take several steps to fast-track their tax-filing process to ensure they get their refund as quickly as possible. Here's what you need to know about how long you should expect to wait for your check from Uncle Sam, how to get your tax refund quicker and what you may consider doing with the money. Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here. When you will receive your 2021 tax refund, and how to file electronicallyThe IRS states in its FAQ section that most refunds are issued within 21 calendar days. However, there's a disclaimer stating that due to processing issues caused by the pandemic, it may take longer to deliver your refund. Additionally, how you file your taxes can affect how long it takes to track the status of your refund. If you file electronically like the vast majority of Americans do you can start tracking your tax refund status within 24 hours of filing on the Where's My Refund site. However, if you file by mail, your processing time extends to at least four weeks to see your payment status on the site. So if you haven't filed your taxes yet, you may want to consider filing electronically with a tax service like TurboTax or H&R Block to avoid issues like waiting for months to receive your refund or even losing your tax files altogether. Select ranked TurboTax as the best overall tax-filing software and Credit Karma Tax as the best free tax software. These services can help you maximize deductions and increase your refund. Also keep in mind that you can file your taxes online for free through the IRS if your adjusted gross income (AGI) was less than $73,000 in 2021. TurboTaxOn TurboTax's secure site
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*Click here for TurboTax offer details and disclosures **A simple tax return is Form 1040 only. Credit Karma TaxOn Credit Karma's secure site
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Read moreWhat to do with your tax refundThrough Feb. 4, 2022, over 4.3 million people have received their tax refund at an average of $2,201 per person, according to the IRS. And with many Americans unable to afford a $1,000 emergency, a refund of that size is extremely helpful. If you receive a tax refund, here are some starting points of where you can send those funds:
Bottom lineRead moreEditorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. How long does it take for IRS refund to go from accepted to approved?If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in less than three weeks, even faster when you choose direct deposit.
What days does IRS deposit refunds 2022?2022 IRS Tax Refund Dates: When to Expect Your Refund. |