Are you awaiting the tax refunds? How long would it take? After completing the tiresome process of tax filing, you can get a sigh of relief as it requires a lot of documentation and other such things. A federal tax refund calls for lengthy processing as it needs a lot of verification to complete. If you are planning the budget for this year, take a look at the process of getting the tax refund after filing.
How Long Does it Take to Get Tax Refunds?
Availing of the tax refund is highly dependent on the way through which you file returns. The fastest way for this e-file the returns so that you can get refunds through direct deposits. People who filed taxation in the year 2020 are liable to get back their tax refunds within 21 days. It refers to the fact that your bank could prevail refunds within three weeks from the time IRS accepts your tax return. After this, you need additional time until the bank processes those refunds into your account.
By filing a proper paper tax return, you will receive the tax refund in the form of a paper check, and then the returns might take a bit longer. Such type of documentation can almost take two months or sometimes even more than that. After you decide amongst the e-filing and direct deposit, the selection process to get tax refunds can get decided.
After collecting your income proof and tax-related documents, the process to file a return can get started. Around 90% of the tax refunds are available within 21 days through the electronic tax return process.
Where can I Get the Tax Refund?
A learned tax professional can help you in filing returns electronically with the aid of tax-related software. It is the safest and fastest way to derive your federal tax refund back. You can also sneak through the refund status with IRS’s refund tracking service to file online returns within 24 hours. For those who are claiming the ACTC and EITC, this tool can be of great help.
For checking out the refund status, you need to keep a check on three things:
- The Social Security number or the specific taxpayer identification number.
- Your tax return filing status.
- The total amount of refunds that you are claiming.
When can I Receive the Tax Refund Amount?
Once the IRS completes a tax return process that might take up to 3 weeks through e-file submission, the refund deposits can come into three distinct bank accounts. It could be you and your spouse’s account or a joint account in both of your names. With the paper method, you might take longer to receive the refund, and it might even extend to 6 weeks. Return filers who claim the refundable tax credits can start observing the repayments during March’s early time.
For availing of the tax refunds earlier, you can also take the help of a refund advance loan. Many agencies are offering it on zero interest and fees. Depending on the tax payment and credit history, you can receive loans in various sizes from $250 to $4000. You can also receive approval through a debit card within 24 hours. By keeping proper track of filing status and following up with the department, you might receive the tax refunds promptly!