When you pay more than you are supposed to pay as taxes, the IRS issues a refund. You always look forward to a refund which is why you file your taxes early. However, things have not been rosy for you in the past few years. You have a refund with the IRS but can’t access it because you are yet to file your tax for almost four years now. You are therefore anxious to know if you will get your refund when you file your taxes this year.
You have just three years from the date your tax return became due to claim your refund. If your 2019 tax return is due on July 15, 2020, you are to file your tax return on or before April 15, 2023, if you wish to claim your refund. The IRS will claim your refund if you fail to file your taxes three years from the date of the original deadline for your return.
Have it in mind that once the IRS clams your refund, it is impossible to get it back. It is gone forever. Three years is a long time to file your taxes and claim your refund so ensure you make an effort to file your taxes before the statute of limitations expires and you lose your precious refund. There is still a lot you need to know about refunds, so journey with me as I give answers to those unanswered questions about refunds that you may have.
How Many Years Back Can I Get a Tax Refund?
A tax refund is like cold water on a scorching day; a massage after a hard run, or like a good sleep after a hectic day. It is not just refreshing; it is very refreshing. However, as refreshing as tax refunds are not all taxpayers entitled to a refund actually get the refund. This happens when you fail to file your taxes early enough, and when there are issues with your return.
The only way to claim a tax refund is by filing your taxes. The earlier you file, the faster your refund gets to you. However, you should not make the mistake of thinking that you’ll get your refund irrespective of when you file. According to the statute of limitations, you have 3 years from the date of the original deadline for your tax return to obtain your refund. Just add three years to the filing due date, and that is how much time you have to file your taxes and save your refund.
In a situation where you paid taxes due on your tax return, the statute of limitations is two years from the date payment was made if this date is later than the three-year due date deadline. The IRS can provide refunds for a certain year if you get an extension and later file a tax return within three years from the extended deadline.
How Long After Your Refund Is Approved Is It Sent?
The wait for a tax refund can be very long, especially if you have big plans for the refund. The IRS processes lots of tax returns and refunds, so they are not really to be blamed. Your return has been approved but is yet to get to you, how long are you to wait?
After the approval of your refund, your account should be funded based on the estimated dates in this chart. This date applies to taxpayers who submitted everything correctly and don’t have the intention of claiming any tax breaks that could result in a holdup.
| If the IRS accepts your return by: | Direct deposit could be sent as early as: | Or your check could be mailed as early as: |
| March 2nd | March 13th | March 20th |
| March 9th | March 20th | March 27th |
| March 16th | March 27th | April 3rd |
| March 23rd | April 3rd | April 10th |
| March 30th | April 10th | April 17th |
| April 6th | April 17th | April 24th |
| April 13th | April 24th | May 1st |
| April 20th | May 1st | May 8th |
| April 27th | May 8th | May 15th |
| May 4th | May 15th | May 22nd |
| May 11th | May 22nd | May 29th |
| May 18th | May 29th | June 5th |
| May 25th | June 5th | June 12th |
| June 1st | June 12th | June 19th |
| June 8th | June 19th | June 26th |
| June 15th | June 26th | July 3rd |
| June 22nd | July 3rd | July 10th |
| June 29th | July 10th | July 17th |
| July 6th | July 17th | July 24th |
| July 13th | July 24th | July 31st |
| July 20th | July 31st | August 7th |
Because tax refunds are precious to most taxpayers, they get anxious when their refund is taking too long to get them. If you are the anxious type, you can track your refund with the IRS where’s MY Refund tool. This tool will help you determine the exact location or status of your refund. In addition, you should note that it takes approximately 21 days for the IRS to issue a refund after it has been accepted.
What Is the Earliest You Can Get Your Tax Refund Back?
It is the dream of every taxpayer to be entitled to a refund. It is also the wish of taxpayers to get their refund in time, without any complications. You might get your refund early if the IRS has no issue with your return, or late if there were some issues along the way. However, what is the earliest you can get a refund?
You can get your refund in as early as 10 business days. But, this is only applicable to those who e-filed and opt for direct deposit. The e-file processing, which was open early this year, makes it possible for the IRS to process your returns faster (a day or two). It is also very easy to use.
If you opt for the manual method when filing your tax returns, your refund will likely get to you within 21 days. It may take longer than that if the IRS has issues with your return. This issues may stem from errors, invalid documents, etc. Furthermore, your refund payment method can also affect the timing of your refund. Opt for the direct deposit payment method and not paper check if you want your refund quickly.
If your income is below the minimum income to file taxes. You are exempted from filing.
FEDERAL TAX REFUND SCHEDULE:
| E-File, Direct Deposit | Paper File, Direct Deposit | E-File, Check in Mail | Paper File, Check in Mail | |
| Time from the day you file until you receive your refund* | 1-3 weeks | 3 weeks | 1 month | 2 months |
Why Is My Refund Still Being Processed After 21 Days?
You are entitled to a refund, and this makes you excited. You’ve decided that the refund will be used to boost your debt repayment effort. However, after 21 days, you are yet to get your refund. You become worried. Below are some of the common reasons for such delay.
- Inaccurate Information in Your Return
- Incomplete Return
- You Are a Victim of Tax Fraud
- Your Refund Was Sent to the Wrong Bank
- You Amended Your Return
Inaccurate Information in Your Return:
Errors in your tax return can put it up for further review, and this could slow down the pace of your refund. When an error is identified on your tax return (be it numerical or other errors), your return is set aside for human review. Your return is passed to an IRS employee who scrutinizes it for the error. That could increase the processing period of your return and further increase the pace of your refund.
Incomplete Return:
Another thing that could activate an IRS review is an incomplete return. This can make the wait for your refund longer than the usual 21 days. For instance, if you filed a paper return, and you failed to input your social security number, or you failed to sign your tax documents, the IRS wouldn’t be able to process your refund until those things are included.
You Are a Victim of Tax Fraud:
Tax fraud is a very severe issue. It happens when an individual uses your personal info to file an illegal tax return in order to claim a refund in your name. As at the year 2019, the IRS discovered around $15.8 million in fraudulent refund claims, with over 3,500 illegal return being linked with identity theft. Contact the IRS and Federal Trade Commission immediately if you think your identity has been stolen.
Your Refund Was Sent to the Wrong Bank:
As weird as this may sound, things like this happen. Mistakes are sometimes inevitable, on your end and that of the IRS. Your refund could be sent to the wrong bank of you transposed a digit in the routing or account number. When this happens, you will likely not see your refund even after 21 days.
You Amended Your Return:
Modifying your return could also be another reason why you are yet to receive your refund even after 21 days. Returns like this must be sent through the mail and not the faster e-filing method. When you modify your return, it can take around 3 weeks to get to the IRS and an extra 16 weeks for it to be processed. This simply means that you’ll get your refund after several months.
If you owe the IRS, you won’t get a refund. The IRS will use your refund to pay what you owe. So ensure you pay your taxes on or before the deadline and don’t try to intentionally leverage on the IRS 10-year statute of limitations.
Can My Tax Refund Be Rejected After Being Accepted?
Questions associated with tax refunds are numerous. This is because taxpayers value their refund. They love to get refunds and are often elated when their tax refund get accepted and approved. However, some taxpayers believe in the misconception that their refund can be rejected even after being approved. Is this possible?
Once the IRS accepts your tax return, it can never be rejected. If any issue comes up, they may alert you with a letter or a notice asking for extra support if required.
Your tax return can either be accepted or rejected. It can’t be rejected then accepted later or the other way round. If your tax return was rejected, it’s probably because of some mistakes or because you failed to include some significant information.
There are some claims that you stop paying Medicare and social security taxes when you get to a certain age or when you find yourself in some situations. However, before you decide to stop paying Medicare and social taxes, ensure you consult a tax professional to get your facts right.
Why Would the IRS Hold Your Tax Refund?
If you recently filed your tax returns in anticipation of a substantial tax refund check, you might be dazed to check the refund status and realize that you aren’t getting any refund. The IRS can legally hold your tax refund in lots of situations. So before you start cursing your luck, check out these common situations and see if any applies to you.
The IRS would hold your tax refund if:
- Your Tax Return Isn’t Accurate
- You Claimed Wrong Deductions or Credits
Your Tax Return Isn’t Accurate:
Certain errors in your tax return can make the IRS hold your refund. In addition, the IRS will hold your refund if it’s auditing you or it discovers an anomaly on a return you filed in the past. To get your refund back, you will have to file an amended return. The amended return is meant to correct the mistakes on your former return.
You Claimed Wrong Deductions or Credits:
The IRS will legally hold your refund if it suspects that you claimed wrong deductions or credits. When such happens, the agency will audit you to find out if your claims are valid. If you eventually prove to the IRS that you correctly took the deductions and/or credits, your refund will be released.
What Happens After a Refund Is Approved?
The journey to getting your refund can be complicated or straightforward; it depends on several factors. Before your tax refund is sent to you, you must have filed your tax return. Afterwards, you can then track your refund via the IRS “where’s my refund”. To have a little peace of mind, you have to ensure that your refund has been accepted and approved.
After your refund is approved, the IRS will make preparations to send your refund to your bank or directly to you via mail. Your refund status will indicate when you’ll get the refund.
Remember, you’ll get your refund quickly if you opt for the direct payment method. However, if you insist on getting your refund via paper check, you’ll have to wait for some weeks. If any issue arises, you can contact the IRS.
Why Has My Refund Been Accepted but Not Approved?
Each year, several taxpayers are due for a refund, but not all get to receive their refund. This can be sad, especially if the refund is a huge one. Your refund will have to be approved before it can be sent to you. If your refund has been accepted but not approved, here is what’s wrong:
- Typos
- Mathematical Errors
- Wrong Line Entries
Typos:
Silly typos can stall the approval of your refund. If, for instance, you misspelt your name or you inputted a wrong social security digit on your return, the IRS will take note of such mistakes. These mistakes can stall the processing of your return, thereby delaying the approval of your return.
Mathematical errors:
It is safe to say that tax returns and math calculations go hand in hand. All tax returns must contain math calculations. If you made a mistake in your calculations, maybe you added were you were supposed to subtract, the IRS will take note. Such errors can also hinder the timely approval of your refund.
Wrong line entries:
If you fill your tax return manually, you can easily make mistakes. Mistakes like inputting numbers in the wrong lines may seem trivial to you, but they matter. For instance, if you input your alimony received amount a line off, it’ll take the place of business income. This will confuse the IRS and may stall the approval of your refund.
What Time of the Day Do Tax Refunds Get Deposited?
When it comes to your refund, you want to know everything so that you don’t panic unnecessarily. As soon as the IRS approves your refund, preparations are made to deposit the money in your account or send it via mail. So you aren’t anxious, its best you know the time your tax refund gets deposited.
The IRS issues refunds on Thursday evenings for refunds approved the past week. Most approvals occur during business hours for the processing centre that is in charge of your return. This centre could be located anywhere in the country.
The transfer of your refund usually occurs by ACH. This means that your refund will be transferred to your account according to your bank’s policy on ACH credits.
What if It’s Been 21 Days and No Refund?
The IRS issues tax refund 21 days after accepting it. Remember, this timeline is just a target and not a guarantee. You may get your refund before 21 days, or after. How quickly you receive your refund depends on how you filed your returns. If you e-filed, you are likely to receive your refund faster.
If peradventure after 21 days you are yet to get your refund, you shouldn’t panic. Simply put a call across to the IRS and talk to an IRS agent regarding your tax refund. Call the IRS: 1-800-829-1040 7 AM-7 PM local time Monday-Friday.
When calling the IRS, ensure you don’t select the first option re: “Refund”, or you’ll be sent to an automated phone line. Follow this routine to talk to an IRS agent:
- After selecting your preferred language, don’t select option 1 (refund info)—select option 2 for “personal income tax” instead.
- Afterwards, press 1 for “form, tax history, or payment.”
- Then click on 3 “for all other questions.”
- When it requests for your SSN or EIN to access your account information, don’t input anything.
- After it makes that request twice, it’ll display another menu.
- Then select 2 for personal or individual tax inquiries.
- It should connect you to an IRS agent.
How Do You Know if Your Tax Refund Will Be Garnished?
Taxpayers have several fears when it comes to a tax refund. Some of these fear includes the fear of the IRS holding their refund, the fear of their refund reaching them late, and the fear of the IRS garnishing their refund.
Your refund will be garnished if you are indebted to federal agencies. The garnished refund will be used to offset your debts. However, before this action is taken, you will be informed 60 days in advance so aren’t surprised when your refund is garnished.
The IRS can’t garnish your refund without a court order. So before it happens, you would have received court papers alerting you of the garnishment placed on your refund. Be rest assured that your refund won’t be garnished without your consent.
