How Long Should It Take To Receive Your Tax Refund?
It all depends on how fast your tax return gets entered into IRS computers. If you mailed your tax return there is no way to know when your tax return will get entered into IRS computers. Once your tax return is entered into IRS computer, when your receive your tax refund is predicable.
If you are reading this, then you are online and it is a easy to find out about your refund, once your tax return has been entered into IRS computer.
Check Your Refund Status Online
Go to http://www.irs.gov
For 2006 tax season click on "Where's My Refund?" link. It is in the lower left corner. You will need to provide:
1. Social security number
2. Tax filing status (Head of Household means you care for a child, not that you are the boss of the house)
3. Exact amount of your refund (rounded to dollars).
The reason IRS requires all of this information is for security purposes, the agency wants to make sure it is giving access only to the taxpayer. Again, all of this information should be on your return. If it is not, something is very wrong!
Once you submit the required information, the IRS will provide online results typically showing:
1. That the return was received and is in processing;
2. The expected mailing date or direct deposit date of your refund; or
3. Whether your refund could not be issued because of a delivery problem.
In some cases, the results may alert you to the fact that the IRS is reviewing your tax return because of errors or questionable entries. In such a case, it is highly advised that you review your return with a qualified tax professional and make absolutely sure that the return will stand up to scrutiny.
When to check?
IRS processes tax returns on a weekly cycle. If your return was acknowledge by IRS computers before Thursday noon, it should start down the tube the following Friday, unless there is a problem. For the latest status, Wednesday evening is the best time to check.
When will I get my money?
It all depends upon what method you requested IRS send the refund to you. Once IRS accepts and acknowledge your tax return, then things can happen.
The faster method is to have a tax preparer electronic file your return and print you a check.
If a tax preparer electronic file your tax return in connection with a Electronic Refund Check (ERC) bank, when the IRS sent the your tax refund money on Friday it goes to the ERC bank, not your bank. These ERC banks have a special process to immediately send the information to the tax preparer who electronic filed your tax return to print a check drawn on the ERC bank for your refund. One advantage is that all the fees, tax preparation fee and the extra charge for this service, taken from your refund. The disadvantage is that you have to return to the tax preparer office to get your check. The check will be a out of state check, which may cost a bunch to turn into cash.
The second faster method is have a tax preparer electronic file your return and have your tax refund placed a newly created checking account.
When IRS sends your tax refund money on Friday, it goes into a newly created checking. The money is not available Friday night, but before Monday. The taxpayer can access the money by writing checks or using a debit ATM card. The advantage is the taxpayer does not have to return to the tax office, has access to their money during the weekend, and only pays a small ATM fee if they want cash.
The third faster way is to Electronic File and Direct Deposit into your checking account.
Your money will be received by your bank on Friday. Now, it is a question on how fast the bank processes their Direct Deposits. Usually they will process on next working day, Monday, after the weekend. Your money is available sometime Monday. This is the least expense way of receiving your tax refund. There are online tax package that are available to do this service.
The four faster method is to Direct Deposit into your checking account, but with tax preparation fees taken out of the refund.
The process is same as above, except there are two banks involved, your bank and a Direct Deposit Transfer bank. (DDT) It takes 2 or 3 days longer. The DDT bank receive the tax refund on Monday, withhold the tax preparers fees, then Direct Deposit the balance into your bank. Your bank usually does not receive the balance until Tuesday. Usual