Ready for your tax refund? You’re not alone! Near 70% of taxpayers who received a direct deposit federal tax refund more than $3,200 last year!
If you haven’t applied yet, there’s no need to wait. You can apply now and get a step closer to receiving your maximum tax refund. No matter what your situation is or how you want to present your return, TurboTax got you covered Meet with a TurboTax expert who can prepare, sign and file your taxes, so you can be 100% sure your taxes are done right. Start the full TurboTax Live service today, in English or Spanish, and forget about your taxes.
If you have already filed your return, the IRS began to accept electronically filed tax returns on January 23, 2023 – and you’re wondering what’s next, we’ve got the scoop on what to expect when you’re expecting a federal tax refund:
- Start checking the status 24-48 hours after the IRS receives the electronic file: Once the IRS acknowledges receipt of your electronically filed tax return, you can use the IRS Where is my refund? tool to track the status of your federal refund. The tool will display “Return Received” once the IRS has begun processing your return. Please note: You will not see a refund date until the IRS finishes processing and approves your tax refund.
- Status change to “Refund approved”: Once the IRS finishes processing your tax return and confirms that your return was approved, your status will change from “Return Received” to “Refund Approved.” Sometimes the status change can take a few days, but it could take longer, so be sure to check back and be patient. The IRS will provide a custom refund date once your status changes to “Refund Approved.” *The IRS expects to issue 9 out of 10 federal tax refunds within 21 days of acceptance if you file electronically with direct deposit and there are no problems with its return.
- Status change to “Refund Sent”: Once the state in Where is my refund? shows “Refund Sent”, the IRS has sent your refund to your financial institution for direct deposit. Your bank may take up to five days to deposit funds into your account. If you requested that your tax refund be mailed, it could take several weeks for your check to arrive.
electronic file direct deposit is the fastest way to get your refund. Nevertheless, If you mailed a paper tax return, the IRS continues to experience delays in processing paper tax returns. The IRS generally says to wait 4 weeks before checking the status of your refund and it can take 6-8 weeks for your refund to be processed from the date the IRS receives your return. when you file on paper, however, paper-filed returns may take longer than that at this time. You can find more information about the refund process and processing times here.
So, what are you waiting for? Present today.
*The Protecting Americans Against Tax Hikes (PATH) Actenacted in December 2015, requires the IRS to withhold tax refunds that include the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) until mid-February, but this year the IRS anticipates a refund in the first week of March for taxpayers with refunds that include EITC and ACTC if they file electronically with direct deposit and there are no issues with their tax returns. However, most taxpayers will not be affected by the change in law. The IRS expects the first EITC/ACTC-related refunds to be available in taxpayers’ bank accounts or debit cards in it early March (assuming these taxpayers elected direct deposit and barring any other filing issues).
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