We’ll show you how to track your 2020 tax refund.
Have you already sent the IRS your 2020 tax return? Will you submit your federal tax forms shortly, after you hunt down the last of your tax documents? Or maybe you want to request an extension because you need a lot more time to gather everything together? Whatever your situation, we explain how you can track the status of any tax refund you might be owed, if you’ve already filed or plan to.
You have several good reasons to file early this tax season: The sooner you submit your taxes, the sooner you could get your 2020 tax refund, of course. But you can also claim any missing stimulus check money that you’re owed on your taxes as a Recovery Rebate Credit. Our chart below lays out some dates you could expect to see your tax refund.
If you want your refund quicker, you should set up a direct deposit and file electronically instead of going the paper route — you could start tracking your payment within 24 hours of filing electronically. This year especially, the IRS is asking taxpayers to avoid filing paper returns, if possible, to keep from compounding a current delay caused by a backlog from last year, when the tax due date was extended due to the COVID-19 pandemic. Democrats have suggested extending the tax filing deadline this year, too, The Hill reported.
Right now, we offer you two tools to help track your 2020 refund after you file your tax return. But you may also want to keep in mind that tax season could affect your payment for a potentialthird stimulus check of up to $1,400 per person. Here’s everything we know about when your own third check could arrive and how it could be more targeted, which could disqualify more people. This story is frequently updated.
2 IRS tools can help track the status of your refund. Here’s how to use them
There are several things you’ll need on hand to track the status of your tax refund: Your Social Security number or Individual Taxpayer Identification Number, your filing status — for example, single, married or head of household — and your exact refund amount in whole dollars, which can be found on your tax return.
Using the IRS tool Where’s My Refund, enter your Social Security number or ITIN, your filing status and your exact refund amount, then press Send. If you entered your information correctly, you’ll be taken to a page that shows the status of your refund. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you’ll need to enter the date you filed your taxes, along with how you filed — either electronically or on paper.
There’s also a mobile app you can use to check your tax refund status called IRS2Go, which is useful if you’re constantly checking to see when your refund will arrive.
The IRS updates the data in this tool overnight each day, so if you don’t see a status change after 24 hours or more, check back the next day.
Stimulus check No. 3: What you need to know
What your current tax refund status message means
When looking at the status of your tax refund in the IRS tool, you will see one of three messages.
- Received: The IRS now has your tax return and is working on processing it.
- Approved: The IRS has confirmed the amount of your refund.
- Sent: Your refund is now on its way to your bank or in a check to your home. (Here’s how to change your address now if you moved.)
When you could receive your tax refund: Potential dates
The IRS says it issues most tax refunds within 21 days, but many people will get their refunds far sooner. It can take the IRS longer to send your tax refund if there are any errors, or if you filed a claim for an Earned Income Tax Credit or the Child Tax Credit.
But it also depends on how you filed your return.
For example, if the refund is getting directly deposited into your bank account, it could take an additional five days for your bank to post it to your account. This means if it took the IRS 21 days to issue your check and your bank five days to post it, you may be waiting a total of 26 days to get your money. That’s where tracking your refund comes in handy.
If it’s being sent by mail, the IRS says it could take six to eight weeks to arrive. Here are some possible dates when you could receive your refund depending on when you filed.
When your tax refund could arrive
If you file on this date
This is the soonest
This is the latest
April 15 (last day to file)
Oct. 15 (last day with extension)
Should you call the IRS to ask about your tax refund status?
While you can call the IRS to check your status, the agency’s live phone assistance is extremely limited at this time, so you may wait on hold for a while to speak to a representative. Also, the IRS says you should only call if it’s been 21 or more days since you filed your taxes online or if the Where’s My Refund tool tells you to contact the IRS.
For more information about your taxes, here’s when the 2021 deadline is to file your tax return, how to claim missing stimulus money on your taxes and the real reason you should sign up for direct deposit on your 2020 taxes.
Source by www.cnet.com