January 23, 2023, the Internal Revenue Service (IRS) began accepting and processing 2022 tax refund, marking the beginning of tax season. NBC News reported that Americans received an average tax refund of $3,253 in 2018 for their 2021 tax returns.
We do not yet know how the average size of tax refunds received by Americans in 2023 will compare to last year’s refund but here’s what you need to know about how long you may have to wait for your tax refund check.
When should tax returns be filed?
Typically, the IRS encourages all taxpayers to file their tax refund as quickly as possible. Thus, you will have adequate opportunity to fix any errors or last-minute obstacles prior to the April 18, 2023 deadline. This year, however, the IRS cautions taxpayers who got special inflation-related tax refund or payments from their state in 2018.
Nineteen states, including Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina, and Virginia, provided some form of relief payment in 2013.
If you received such payments from your state, the IRS advises you to defer filing until they determine additional guidelines for navigating the relief. The objective is to prevent these taxpayers from filing amended tax refund.
Aside from that, the government has encouraged taxpayers to ensure that their personal information and tax paperwork are accurate for a streamlined filing procedure. Otherwise, you risk experiencing delays or receiving an incorrect refund. You should also strive to avoid arithmetic or calculation errors when completing the forms.
If you’re apprehensive about navigating the complexities of tax filing, services like TurboTax and H&R Block provide step-by-step instruction and final reviews from tax professionals. You also have the option of receiving live assistance or having a tax professional file your tax refund on your behalf, which reduces the likelihood that an error would cause a delay in your tax return.
When will you get your tax refund for 2022?
As stated on the IRS website, taxpayers can expect to get their tax refund for 2022 within 21 days of sending in their return, as long as they file their return electronically, choose to get their refund through direct deposit, and don’t have any problems like mistakes or missing information.
But if you’re claiming an Earned Income Tax Credit or an Additional Child Tax Credit, the IRS will accept your return but can’t give you your refund until Feb. 18. On the IRS website, you can use the Where’s My Refund? tool to get a better idea of how your refund is going. On your return, you’ll need to write down your Social Security number, your filing status, and the exact amount of your tax refund.
To Sum Up
The best way to get your tax refund quickly is to make sure you have all the right paperwork and file your taxes as soon as you can. Working with a tax expert can also help you avoid making mistakes that could cause your refund to be delayed.