Tax refunds are already being deposited. Here’s when to expect yours in 2023
While the deadline for filing tax returns is April 18, many Americans who’ve submitted documents have already received their refunds.
As of February, the IRS has issued nearly 18 million refunds valued at roughly $15.7 billion, the agency reported.
The average refund amount was $1,963, down from $2,201 last year, according to the IRS. However, those who opted to receive their refunds via direct deposit saw nearly $100 more on average.
Here’s when you can expect your 2023 tax refund, how to get it faster, and reasons why your deposit may be delayed.
How long do tax refunds take to be paid?
It generally takes less than 21 days from the time the IRS approves the amount to receive a refund.
Those who file online can check the status of their returns after 24 hours have passed from the filing date. This can be done on the IRS2Go app or through the “Where’s My Refund?” tool on the IRS website.
What is the fastest way to get a refund?
According to the IRS, the quickest way to get your tax refund is through a direct deposit into a bank account. Taxpayers can use direct deposit to transfer refunds in up to three accounts.
Combining electronic filing and direct deposit to file early produces the fastest refunds, according to the IRS, and some may be eligible to file electronically for free.
Smartphone apps like TurboTax, H&R Block and TaxSlayer can be a convenient way to file your taxes, but they usually charge a fee that can be deducted from the refund amount.
Why are tax refunds sometimes delayed?
Some tax returns can take longer to process for many reasons, the IRS says, including when a return is filed on paper, includes errors, is incomplete, or needs further review. Payments can also be delayed if the tax form includes a specialty document. Those can take up to 14 weeks to process.
If more information is needed to process returns, the IRS will contact customers by mail.
Will mailing more than one tax return speed up the process?
Filing the same tax return a second time could lead to delays and won’t speed up your refund, according to the IRS.
You should only resubmit your tax return if all of the following apply to you:
You are due a refund
You filed a paper tax return more than six months ago
The “Where’s My Refund?” IRS website tool does not show the return has been received. You should call the IRS at 800-829-1040 only if “Where’s My Refund?” directs you to do so.
This story was originally published February 21, 2023 at 11:49 AM with the headline "Tax refunds are already being deposited. Here’s when to expect yours in 2023."
