Ready for your tax refund? You’re not alone! Close to 70% of taxpayers received a federal direct deposit tax refund over $3,200 last year!
If you haven’t filed yet, there’s no need to wait. You can file now and get one step closer to receiving your maximum tax refund. No matter what your situation or how you want to file, TurboTax has you covered. Meet with a TurboTax Expert who can prepare, sign and file your taxes, so you can be 100% confident your taxes are done right. Start TurboTax Live Full Service today, in English or Spanish, and get your taxes done and off your mind.
If you’ve already filed – the IRS began accepting e-filed tax returns on January 23, 2023 – and are wondering what happens next, we have the scoop on what to expect when you’re expecting a federal tax refund:
- Start checking status 24 – 48 hours after IRS receives e-file: Once the IRS acknowledges receipt of your e-filed tax return, you can use the IRS Where’s My Refund? tool to track your federal refund status. The tool will show “Return Received” once the IRS has begun processing your return. Keep in mind: you will not see a refund date until the IRS finishes processing and approves your tax refund.
- Status change to “Refund Approved”: Once the IRS finishes processing your tax return and confirms your return is approved, your status will change from “Return Received” to “Refund Approved.” Sometimes the change in status can take a few days, but it could take longer – so be sure to check back and remain patient. The IRS will provide a personalized refund date once your status changes to “Refund Approved.” *The IRS expects to issue 9 out of 10 federal tax refunds within 21 days of acceptance if you e-file with direct deposit and there are no issues with your return.
- Status change to “Refund Sent”: Once the status in Where’s My Refund? shows “Refund Sent,” the IRS has sent your refund to your financial institution for direct deposit. It can take up to five days for your bank to deposit funds into your account. If you requested that your tax refund be mailed, it could take several weeks for your check to arrive.
E-file with direct deposit is the fastest way to get your refund. However, if you mailed a paper tax return, the IRS continues to experience processing delays of paper filed tax returns. Usually the IRS says to allow 4 weeks before checking the status of your refund and that refund processing can take 6 to 8 weeks from the date the IRS receives your return when you paper file, however paper filed returns can take longer than that right now. You can find out more information about the refund process and processing times here.
So what are you waiting for? File today.
*The Protecting Americans from Tax Hikes (PATH) Act, signed into law in December 2015, requires the IRS to hold tax refunds that include Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) until mid-February, but this year the IRS anticipates a first week of March refund for taxpayers with refunds that include EITC and ACTC if they e-file with direct deposit and there are no issues with their tax returns. However, most taxpayers will not be impacted by the change in the law. The IRS expects the earliest EITC/ACTC-related refunds to be available in taxpayer bank accounts or on debit cards at the beginning of March (assuming these taxpayers chose direct deposit and barring any other issues with returns).
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