Missing your money? Here’s what to do.
- The IRS has a tool you can use to track your tax refund.
- Certain scenarios could delay your refund.v
So you submitted your tax return, either by yourself or using tax software, well before the filing deadline, but you are still waiting for your tax refund. Which give?
First, the IRS does not issue refunds immediately upon receipt of a tax return. In fact, the typical turnaround time for electronically filed returns is three weeks. For paper returns, wait six weeks.
The good news is that if your tax refund hasn’t reached your bank account or arrived in the mail yet, there’s an easy way to check its status. All you have to do is use the “Where’s My Refund?” from the IRS. tool for a status update.
Keep an eye on your tax refund
You may be relying on your tax refund to pay off recent credit card debt. Or, you might just want that money to have more money to spend. Either way, the IRS makes it easy to see where your refund is. To use his “Where’s my refund?” tool, you will need some key information:
- Your social security number
- Your tax status
- The exact amount of your expected refund, which you can copy from your tax return
Keep in mind, however, that this tool may take some time to update information. Typically, you will be able to get an update on your refund status 24 hours after submitting an e-return. If you are filing on paper, it can take up to four weeks for this tool to record your refund information.
This is why filers are often advised to submit a declaration electronically. Not only do these returns come with a generally quicker refund time, but you can also check your refund sooner.
One thing you should know is that the IRS updates refund information daily. Thus, the status of your refund may change from day to day.
What if your refund is late?
If 21 days or more have passed since you submitted a tax return electronically, or more than 42 days since you submitted a paper return, and you have not received your refund or obtained an update clear day of its status, then it is worth calling the IRS. at 1-800-829-1040 and ask what is going on. Also, when using the “Where’s my refund?” tool, you may see an alert to contact the IRS, in which case you should.
Don’t panic if you see this notice. There are many reasons why you might need to contact the agency, and it doesn’t necessarily mean you’re in trouble or that you’ve done something wrong.
Along these lines, don’t panic if your tax refund takes longer than expected. There are various reasons why the IRS may need more time to issue your refund, but if you’re worried, you can always call to speak to a live person.
One thing you should not do, however, is file a second tax return because your refund is late. If the IRS sees a second statement coming in with your Social Security number, they will likely reject it because it will be flagged as a duplicate.