We’ve based these timelines on historical data noting that most refunds will be issued by the IRS in less than 21 days after the return has been accepted. Certain things can affect the timing of your refund, including:
How you sent your return – Sending your return electronically allows the IRS to process it faster than if you mail it in.
When you filed – The earlier you file, the earlier your return could be processed.
Which credits you claimed – Claiming certain credits can cause your refund to be delayed (more details below).
What is the IRS refund schedule?
The IRS typically sends out refunds on a schedule. This schedule varies by the method you sent your return in, when you file, and what credits you claim. See an estimated schedule in the chart below.
Filing method and refund delivery method. How long it takes to receive your refund from the time your return is accepted E-file and direct deposit1-3 weeks E-file and check1 month Mail in return and direct deposit 3 weeks Mail in return and check 2 months
When will I receive my tax refund?
The following chart includes estimated dates you could receive your refund for the 2021 tax season if you have submitted everything correctly and are not claiming any tax breaks that could cause a delay.
What does it mean when my tax return is accepted?
When you receive confirmation that the IRS accepted your return, it means that they have reviewed your return, and it has passed their initial inspection. They verify your personal information and other basic items, like if your dependents have already been claimed by someone else. Then, they have a few days to approve your refund. They will take a more in-depth look at your return and your history. After the IRS approves your return, they will fund your refund based on the schedule mentioned above.
Is it faster to file electronically or mail in my return?
In most cases it is faster to file your return electronically. The IRS receives these returns faster than ones that were mailed in, which shortens the time in between when you submitted your return and when you’ll receive your refund.
What tax breaks can affect the timing of my refund?
If you are claiming the Earned Income Tax Credit or the Additional Child Tax Credit, your refund is most likely going to be delayed. The IRS does not typically send out these refunds before mid-February, which means your refund will probably arrive in early March according to the IRS.
Should I file my taxes early?
Filing your tax return early can present many advantages to help you during the tax season. These include reducing stress, having more time to pay if you owe money on your taxes and (of course) getting your refund sooner.
What if I miss the deadline?
Taxes are due on Monday, April 18, 2022. If you file your return after the deadline, you could be charged late filing fees and other penalties. The good news is, if you need more time to file you can request an extension with the IRS.
It is important to note that an extension does not give you more time to pay your taxes. It only gives you more time to file your return. In other words, if you owe money on your taxes, your payment is still due by April 18th. If you request an extension, will have six more months to send your return to the IRS. The deadline to submit extensions for tax year 2021 is October 17, 2022.
Are there any important tax dates to know?
Yes, the following dates are important to keep in mind for tax season.
Deadline to file and pay your tax bill if you have one is April 18, 2022
Deadline to file an extended return is October 17, 2022
Source: 2022 Refund Schedule | Taxslayer.com