Millions of taxpayers are worried about their tax refund this year, as the IRS warned taxpayers not to bank on getting their checks by any specific date.
The tax refund is a household’s biggest check each year, averaging $3,300 last year. According to a new Bankrate survey, almost 70% of taxpayers are anxious that their refunds would be delayed this year as inflation continues to increase and more uncertainty in the economy.
The IRS has provided some data and guidance to ease the anxiety of taxpayers:
How Long Will it Take to Receive Tax Refund?
According to CBS News, most refunds are usually issued within less than 21 calendar days. However, if you filed through paper tax forms, you might receive tax refunds after six months or more. The IRS said in the best-case scenario, the tax refunds for paper tax returns would be done after four weeks.
How Can I Track the Progress of My Refund?
Taxpayers who filed electronically can check their return’s progress through the “Where’s My Refund?” tool, which would be updated after 24 hours of filing. However, those who filed by paper may not get information in the tool until four weeks or after the agency receives the mail.
The “Where’s My Refund?” tool provides a personalized refund date after the agency processes the tax return and approves the refund. It would also indicate the schedule for sending the refund.
Are There Expected Delays This Year?
According to CNBC, the IRS started the 2023 tax season with a backlog of around 10 million tax returns. However, the agency has assured everyone that they could meet the deadline as they hired more staff to help deal with this year’s filing season.
Furthermore, many Americans filed their taxes earlier than last year. But, it does not guarantee smooth sailing for your tax return. Many unexpected scenarios, such as errors and audits, can hold up your return – and delay your refund.