One of the most common questions for a tax preparer is “When will I get my refund?”
Some factors which impact the timing of your refund:
– When did you file this year?
– Did you claim the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC)?
– Did you e-file your return or send it to the IRS by mail?
– Do you have any outstanding debts with the federal government?
Estimated Refund Dates
Although the IRS does not guarantee dates of refunds, you can typically expect to receive your refund within about 2-3 weeks of your tax return being accepted by the IRS. The fastest way to get your tax refund is by filing electronically and choosing direct deposit.
Refunds for tax returns claiming the Earned Income Tax Credit or Child Tax Credit cannot be issued before mid-February, which has been extended to the beginning of March for 2021.
**For the 2021 Tax Season, the IRS has announced that tax season will start on Friday, February 12, 2021. This is when they will begin accepting and processing 2020 tax year returns.
The IRS has a portal on their site where you can look up your refund status. All that is needed is your:
- Social Security Number
- Filing Status
- Expected Refund Amount
You can get all of this information from your 1040!
As always, the earlier you get your taxes filed, the earlier you should get your refund.