Looking For Your Tax Refund? Here’s What You Need To Know

Are you looking for your tax refund? According to the Internal Revenue Service (IRS), issuing  90% of tax refunds takes less than 21 days.

Checking the status of your tax refund got much easier; “Where’s my Refund” tool at IRS.gov website provides information on it. Also, you can download an application from Play Store (for Android) or App Store (for Apple devices). You will be able to check the status of your tax refund 24 hours after IRS notified you about of receiving your tax return file. There is no use in checking the tax refund status very often, as they update it only once a day (typically overnight).

However, this does not go for all tax returns. After amending your tax return, you should instead look for your amended tax return – using a tool “Where’s my Amended Return?”.

Also, you can call 1-866-464-2050 within three weeks after filing your amended return.

As you check out the “Where’s my Amended Return” tool, it will show the return status in three stages;

  • Return Received;
  • Return Approved; once approved, your tax refund will be sent to your bank account or by mail (if you asked for a paper check). If you requested direct deposit, the status will show when your refund is to be credited to your account. And if you opted for a paper check, this tool will show when the refund is scheduled to be sent to your bank.
  • Refund Sent; you cannot access the refund right away. It takes about five days from the day the refund was sent by IRS to your bank. In case of a paper check, it can take up to several weeks.

Calling IRS

Calling IRS will usually not give you the information you need so even if you feel like calling them, it is not such a great idea. It is unlikely that you will get an IRS representative on the phone, and even if you do, they can check the status of your refund only in some situations. However, if 21 days or more after e-filing the return (or six weeks after mailing the return) you did not get the refund or any notification from the IRS, they can help you out. In this situation, there was probably a mistake on the return, it could be incomplete or affected by tax fraud or identity theft. Also, if none of this happened, it is possible the check is already in the mail. The direct deposits from IRS can be deposited into your account (account in your own name) or your spouse’s name. In case of a joint account, it can be deposited into the joint account. Besides, from 2014 onwards, the tax refunds have been limited by IRS, so the maximum of three (e-filed) refunds can be directly deposited into a bank (financial) account or applied to a debit card. Taxpayers with more than three e-filed refunds will receive a paper refund.

Find out more informations here: http://money.howstuffworks.com/personal-finance/personal-income-taxes/10-tips-for-biggest-tax-refund.htm