How Long Does It Take To Get Income Tax Money
How Long Does It Take to Get Income Tax Money?
The amount of time it takes to get your income tax money may vary depending on the method you use to file and receive your refund. In general, most people will receive their refund within three weeks of filing, but some people may receive their refund in as little as seven days. The Internal Revenue Service (IRS) states that nine out of ten people will get their refunds within 21 days. But, if your refund is delayed, there are several steps you can take to speed up the process.
Why Is My Refund Delayed?
The IRS may take longer to process your refund if they need to verify information, if your return requires review, or if there is an error. You should also expect delays if you e-filed shortly after the tax deadline or if you filed a paper return and the IRS is backlogged with returns. If you are expecting a refund for Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), the IRS is required to wait until mid-February to issue the refund.
How Can I Track My Refund?
If you e-filed your return and your refund is taking longer than expected, you can track the status of your refund with the IRS “Where’s My Refund” tool. This tool is available on the IRS website and through the IRS2Go mobile app. You will need to enter your social security number, filing status, and the exact amount of your refund. You can also check your refund status by calling the IRS Refund Hotline.
How Can I Receive My Refund Faster?
If you are impatiently waiting for your refund, you can use the IRS Direct Deposit to have your refund deposited directly into your bank account. This is the fastest way to get your refund and you will usually receive it within three weeks of filing. You can also opt for a Tax Refund Anticipation Loan. These are short-term loans offered by tax preparation companies and lenders. You will receive your refund much faster, but you will need to pay a fee for the loan.
What If I Don’t Get My Refund?
If you do not receive your refund within 21 days or if it is taking longer than expected, you should contact the IRS. You can call the IRS Refund Hotline or use the “Where’s My Refund” tool on the IRS website to find out more information. If you find out that there are errors on your return, you can file an amended return to correct the mistakes.
Conclusion
The amount of time it takes to receive your income tax money depends on several factors such as filing method and the presence of any errors. Most people will receive their refund within three weeks of filing, but some people may receive their refund in as little as seven days. If your refund is delayed, you can track your refund using the “Where’s My Refund” tool on the IRS website or the IRS2Go mobile app. You can also opt for a direct deposit or a Tax Refund Anticipation Loan to get your refund faster. If you don’t receive your refund within 21 days or if it is taking longer than expected, you should contact the IRS.
