Exploring the Average Processing Time for Tax Returns
Getting an income tax refund can be a great feeling, but understanding how long it takes to receive your money is important for budgeting purposes. While the Internal Revenue Service (IRS) has set targets for processing tax returns, there are many factors that can affect the timeline and length of time you’ll have to wait.
Factors that Affect How Long It Takes to Receive Your Tax Refund
The IRS generally processes refunds within 21 days of receiving your return, but this can vary depending on how you file and when you file. The most important factor is whether or not you file electronically. “Electronic filing is the fastest way to file a tax return,” says Rickie Houston, CPA and tax accountant. “If you e-file your return, you’ll typically receive your refund within two to three weeks.”
When you file electronically, the IRS will also send you an email confirmation that your return was received. You may also be able to check the status of your return online using the “Where’s My Refund” tool.
Timelines for Different Types of Tax Returns
The type of tax return you’re filing can also affect the timeline for receiving your refund. According to the IRS, the following timelines apply:
- Form 1040: 3 weeks
- Form 1040A: 2 weeks
- Form 1040EZ: 1 week
If you’re filing a paper return, the timeline for receiving your refund is generally longer than if you file electronically. The IRS typically takes 6 to 8 weeks to process a paper return, so it’s best to file electronically if possible.
Strategies to Speed Up Your Tax Return
There are several strategies you can use to speed up the processing of your tax return and get your refund faster.
Filing Electronically
Filing electronically is the fastest way to get your tax return processed and receive your refund. You can file electronically through the IRS website or using third-party software.
Requesting Direct Deposit
If you’re expecting a refund, you can request direct deposit into your bank account. This will expedite the delivery of your refund, as you won’t have to wait for a check to arrive in the mail.
Double-Checking All Information and Documents
Before you submit your tax return, it’s important to double-check all information and documents to make sure everything is correct. Incorrect or incomplete information can delay the processing of your return, so taking the time to review everything thoroughly is key.
Common Reasons Why Tax Returns Take Longer Than Expected
In some cases, tax returns may take longer than expected to process. Here are a few common reasons why this may happen:
Not Filing All Required Paperwork
If you don’t include all required paperwork with your tax return, it could delay the processing of your return. Be sure to check the IRS website for a list of all required documents and forms before you submit your return.
Incorrect or Incomplete Information
As mentioned above, incorrect or incomplete information can delay the processing of your return. Make sure to double-check all information before submitting your return to avoid any delays.
Taxpayer Identification Number Errors
If you enter an incorrect taxpayer identification number on your return, the IRS won’t be able to process it. Double-check all numbers to ensure they’re correct.
Unfiled Prior Year Tax Returns
If you haven’t filed your taxes for prior years, the IRS may delay processing your current year return until you do so. To avoid any potential delays, be sure to file all required tax returns.
What to Do If Your Tax Return is Taking Too Long
If you’ve been waiting for an extended period of time for your tax return and it still hasn’t arrived, there are a few things you can do.
Contact the IRS
If you’ve been waiting more than 21 days for your refund and it still hasn’t arrived, you should contact the IRS. They can provide you with more information about the status of your return.
Consider an Extension
If you’re worried about missing the deadline for filing your return, you can consider requesting an extension. This will give you more time to submit your return without incurring any penalties.
Check for Rejected Returns
If your return has been rejected, the processing time may be longer than usual. You can use the “Where’s My Refund” tool to check the status of your return and see if it has been rejected.
Use the “Where’s My Refund” Tool
The “Where’s My Refund” tool is available online and allows you to track the status of your return. You’ll need your Social Security number, filing status, and the exact amount of your refund to use the tool.
File a Complaint with the Taxpayer Advocate Service
If you feel like your return is taking too long to process and you’ve already contacted the IRS, you can file a complaint with the Taxpayer Advocate Service. The Taxpayer Advocate Service is an independent organization within the IRS that helps taxpayers resolve issues with their returns.
Understanding how long it takes to get your tax return is important for budgeting and planning. While the IRS has set targets for processing returns, there are many factors that can affect the timeline. Filing electronically and requesting direct deposit are two strategies you can use to speed up the process, and there are steps you can take if your return is taking too long.
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