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 Live Full Service 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).
4 responses to “What To Expect When You’re Expecting…a Tax Refund”
How does it work when u mail your taxes and leep saying wrong information
Would like to know why i was charged 129.00 when i filed for free last yr and this yr also but was charged 129.00 i will never use turbo tax again unless this is fixed
I filed with TT in 2016 and u said I was to get $2,200.00 back and I never received a dime nobody has exsplaind why!!!
I filed with TurboTax on 1/8/2016.
Was told that IRS wouldn’t accept returns until 1/19.
However I just received an email and text message from TurboTax at 3pm today 1/11/16 stating that the IRS has accepted my return. It also shows acceptance on Where’s My Refund.
Awesome.
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FAQs
Typically it takes 21 days to receive your refund after the IRS accepts your return. In the meantime, you can check your e-file status online with TurboTax. Tax Refund Tracking Guide Does “accepted” mean my refund is approved?
Does TurboTax tell you when your refund is approved? ›
If you used TurboTax to e-file your return, you can login to your TurboTax Online account to check the e-file status. After your tax return has been accepted by the IRS, only the IRS can tell you the status of processing that return, whether you owe taxes or are due a tax refund.
Is TurboTax estimated refund accurate? ›
TURBOTAX ONLINE GUARANTEES
100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.
Does TurboTax give refunds early? ›
TURBOTAX ONLINE/MOBILE:
Get your tax refund up to 5 days early: Individual taxes only. For Credit Karma Money (checking account): Banking services provided by MVB Bank, Inc., Member FDIC.
What day of the week does the IRS deposit refunds? ›
Day of the week for IRS refund deposits
The IRS typically processes tax refunds and executes direct deposit transactions within 21 days after accepting your tax return. It's common for the IRS to issue refunds on business days, from Monday through Friday.
How long after taxes are approved are they deposited? ›
Even though we issue most refunds in less than 21 days, it's possible your refund may take longer. Also, remember to consider the time it takes for your financial institution to post the refund to your account or for you to receive it by mail.
How will I know if my refund is approved? ›
Use the IRS Where's My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems are updated once every 24 hours. You can contact the IRS to check on the status of your refund.
Does TurboTax send an email when a refund is approved? ›
Yes! You should receive notification(s) from TurboTax (email or text, depending on what you chose when preparing your taxes through the TurboTax software). As for direct deposits, it will generally take your financial institution 1-2 business days before the money is made available to you.
Is it better to claim 1 or 0? ›
By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.
How do I know if I was approved for TurboTax refund advance? ›
If you are approved, your Refund Advance funds are typically available within 4 minutes of the IRS accepting your e-filed tax return. The IRS generally starts accepting returns in late January. Once approved, you'll receive an email when your Refund Advance funds are available to spend.
"IRS Accepted Return But Not Approved" Meaning
If a taxpayer receives the status update that their tax return was accepted but not approved, this means that the IRS has received their tax return, but they have not yet evaluated the information.
How does TurboTax send your refund? ›
You can get your refund via: Direct deposit into your checking, savings, brokerage, or IRA account. Paper check.
What is the fastest refund on TurboTax? ›
What if I need my refund even faster? Customers can apply for TurboTax's Refund Advance program. With a Refund Advance loan, you could get up to $4,000 in as little as 30 seconds after IRS acceptance* with absolutely $0 loan fees and 0% APR.
What bank does TurboTax use for refunds? ›
Your tax refund was not sent to TurboTax. TurboTax does not handle your refund at all. Santa Barbara Tax Products Group, LLC (SBTPG) is the bank that handles the Refund Processing Service when you choose to have your TurboTax fees deducted from your refund.
How fast does TurboTax refund take direct deposit? ›
shows “Refund Sent,” the IRS has sent your tax refund to your financial institution for direct deposit. It can take 1 to 5 days for your financial institution to deposit funds into your account. If you opted to receive your tax refund via mail, it could take several weeks for your check to arrive.
What is the fastest time you can get your tax refund? ›
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it's possible your tax return may require additional review and take longer.
Why does TurboTax say refund accepted but IRS says processing? ›
TurboTax may show your refund as accepted once the IRS has received your tax return for e-filing [1]. However, the IRS may still be in the process of fully processing your return. It's important to note that once your return has been accepted by the IRS, TurboTax is no longer involved in the processing [1].
How long does it take for the IRS to approve a refund after it is accepted stimulus? ›
Refund Sent
Updates to refund status are made once a day — usually at night. Even with the January 30 opening of the tax season, we expect refunds to be issued within normal timeframes. The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year.
