You paid too much money to the government last year in taxes, have filed the appropriate paperwork, and are due a refund. At this point, you may be wondering how soon you’ll get your money back.
Now that most people e-file their taxes either on their own or through a tax professional, tracking a refund is a simple process. It is estimated 90% of people who e-file their taxes will get their refund within 21 days of acceptance of the tax return from the IRS.
This year, the IRS is expected to start processing tax returns on January 28, but you can prepare your 2018 taxes prior to this. That way once the IRS begins accepting returns it will be ready. You can mail your tax return as soon as January 1, 2019. If you decide to send your tax documents to the IRS via the U.S. Mail instead of e-filing, your tax refund may be delayed from six to eight weeks.
Some filers should expect 2019 tax refund delays
Last year, Congress passed a new law that affects how soon refunds which include the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) are processed.
In a recent press release, the IRS stated that people who filed their 2018 tax returns with the EITC or ACTC should expect their refunds mid-to-late February at the earliest, and this assumes the following:
- There are no problems with the return.
- They chose direct deposit to a bank account or debit card.
The best way to check the status of your 2018 tax refund:
After filing your taxes, you can track the progression of your tax return through the IRS system.
At IRS.gov, Where’s My Refund will give you a daily update about the status of your tax return and whether there are any problems or issues that may cause a delay.
To get specific information about the status of your tax refund, you’ll provide your exact refund amount, your filing status, and your social security number or ITIN. The IRS updates information on the Where’s My Refund site once every 24 hours, so you don’t need to bother checking it more often than once a day.
If you mailed your return, you may have to wait four weeks for the system to update for the first time. If you e-file, you’ll have your update within 24 hours. If it’s been more than 21 days since you e-filed and you still haven’t gotten your return or your status on Where’s My Refund indicates you should contact the IRS, you can call them at (800) 829-1040.
Taxes can be overwhelming. That's why we've created the Sunset Finance Guide to Tax Returns to provide more information.