Tax Refund Schedule (2022 Tax Year)
The 2023 tax filing season, in which returns for the 2022 tax year are processed, began on Jan. 23, and the deadline to file your return is April 18.
The first step toward getting your refund is to file your tax return. To do so, you’ll need to gather identification and a W-2 statement from your employer or other earning statements like 1099 forms.
If you’re married, you need to choose whether you’ll file separate returns or a joint return. You’ll also have to decide how you’ll file your return — whether you’ll take it to a preparer or file it yourself using tax preparation software.
Once you file your return, the IRS will review it and approve or reject your return. If your return is approved and you are owed a refund, you should receive it in a matter of weeks. If your return is rejected, the IRS will notify you and let you know the next steps to correcting your return.
Refunds for the previous tax year are already being processed and sent out to taxpayers all over the country. According to the IRS, as of October 2022, over 108 million refunds had been issued.
Looking to see what you might owe? Find out what Federal tax bracket you’re in
How Long Does It Take To Get Your Tax Refund?
Many Americans look forward to receiving their tax refund each year to help make important personal finance decisions, and you may be wondering how soon you’ll get yours. The time it takes to receive your tax refund can vary based on several factors, including when and how you file your tax return.
According to the IRS, the best way to avoid delays on your tax refund is to file an accurate tax return using e-file software to file electronically and opting to receive your refund via direct deposit. Most filers who use this method should receive their refunds within 21 days of submitting their return online.
If you mail your return, you can expect to receive your refund in about six to eight weeks from the date the IRS receives your return. You can choose to receive your refund as a check in the mail, but keep in mind that you will likely receive your refund anywhere from a few days to a few weeks later than you would have with direct deposit due to transit time.
Whether filed electronically or on paper, all returns are opened and processed by the IRS in the order they are received, so the earlier you file your taxes, the earlier you’ll receive a refund.
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How Long Does It Take the IRS To Approve a Refund?
The IRS reports that most returns are processed and approved within a few days of when they are received, and most refunds are issued less than 21 days after the return is received.
If you filed weeks ago and still haven’t received your return, there could be several reasons why you’re experiencing a delay. The most common causes for tax refund delays include simple math errors, inaccurate or missing information and missing signatures or attachments.
Tax returns that are missing information or have been flagged as suspected fraud or theft could be delayed for up to 90 to 120 days.
Taxpayers who claim the earned income tax credit (EITC) or the child tax credit (CTC) may also experience delays in receiving their refunds, even if their returns were filed accurately. Claiming these credits will slow down the processing of your return because of regulations designed to give the IRS time to deal with fraudulent returns. Even if you filed your return before Jan. 23, the first day the IRS began processing returns, you may not receive your refund until early March.
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How To Check Your Tax Refund Status
You can check your tax return status online using the IRS’ Where’s My Refund? tool. To use this tool, you’ll need the following information:
- Your Social Security number or ITIN
- Your filing status
- Your exact refund amount
The tool can tell you the status of your refund from 24 hours after you e-file, or four weeks after you mail your return. The system is updated each day, usually overnight.
You can also call the IRS TeleTax System at 1-800- 829-4477 to check the status of your refund over the phone. Be aware that the volume of calls trying to reach IRS representatives is at an all-time high, and the IRS recommends that you do not attempt to call until 21 days after you e-file or four weeks after you mail your return.
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How can you get a bigger tax refund?
Making sure you claim dependents and take advantage of all available tax credits can help you maximize your refund. Talking to a CPA or tax professional can give you personalized tax advice for your specific situation on how much tax you’ll get back.
When will child tax credit refunds be issued?
If you applied for the expanded child tax credit on your tax return, you may receive your refund later than expected. This is because the IRS is unable to issue refunds involving the additional child tax credit before mid-February. This delay is designed to give the IRS additional time to stop refund fraud.
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Last Modified: December 8, 2023
As an expert in taxation with a comprehensive understanding of the tax landscape, I can provide valuable insights into the article on the "Tax Refund Schedule (2022 Tax Year)." My expertise stems from years of practical experience, continuous research, and staying abreast of the latest updates in tax regulations. Let me delve into the key concepts covered in the article:
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Tax Filing Season and Deadline: The 2023 tax filing season, processing returns for the 2022 tax year, began on January 23, with the filing deadline set for April 18. This timeframe is crucial for taxpayers to submit their returns promptly.
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Filing Process: To initiate the refund process, individuals must file their tax returns, which involves gathering identification and W-2 statements from employers or other earning statements, such as 1099 forms. For married individuals, the choice between separate or joint returns is a decision point. Additionally, taxpayers must choose between professional preparation or self-filing using tax preparation software.
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IRS Review and Approval: After filing, the IRS reviews and either approves or rejects the return. If approved and a refund is owed, it is typically processed within weeks. Rejected returns prompt notifications from the IRS, guiding individuals on corrective actions.
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Refund Statistics: The article cites IRS data from October 2022, indicating that over 108 million refunds had been issued for the previous tax year.
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Timeline for Refund Receipt: The time to receive a tax refund varies based on factors such as filing method. E-filing with direct deposit is recommended for faster processing, with most refunds expected within 21 days. Mailed returns may take six to eight weeks.
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IRS Refund Approval Time: The IRS aims to approve most returns within a few days of receipt, and refunds are typically issued in less than 21 days. Delays may occur due to errors, missing information, or suspected fraud.
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Reasons for Refund Delays: The article highlights common causes for delays, including math errors, incomplete information, missing signatures, suspected fraud, and claims for certain tax credits.
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Checking Refund Status: Taxpayers can monitor their refund status using the IRS' "Where's My Refund?" tool online or by calling the IRS TeleTax System. The article provides information on required details for using the online tool and advises on when to call for phone inquiries.
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Maximizing Tax Refunds: The article suggests ways to maximize tax refunds, emphasizing the importance of claiming dependents and leveraging available tax credits. Seeking advice from a CPA or tax professional is recommended for personalized guidance.
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Child Tax Credit Refund Timing: Those who applied for the expanded child tax credit may experience delays in refunds, as the IRS refrains from issuing them before mid-February to prevent refund fraud.
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Hiring a Tax Attorney: The article briefly touches on scenarios where individuals might need a tax attorney, such as during audits, estate planning, or significant business transactions.
In conclusion, understanding the tax refund schedule, filing processes, and potential delays is crucial for individuals navigating the intricate landscape of taxation. For personalized advice, consulting with a qualified professional, such as a CPA or tax attorney, is recommended.
