If you checked your refund status and saw that your tax return was accepted, here’s what you should know about how long it will take to get your refund.
Tax Refund vs. Tax Return
First, it’s important to understand the difference between a tax refund and a tax return. A tax return is the document that you file with the Internal Revenue Service (IRS) each year that reports your income, deductions, and credits. A tax refund, on the other hand, is the amount of money that the IRS owes you if you overpaid your taxes during the year.
What Happens When You File
Once you file your tax return, the IRS will review it to ensure that it is complete and accurate. If everything checks out, they will accept your return, which means that they have officially processed it.
However, even after your tax return is accepted, the IRS may still need to verify the information on your return. This can include checking your income, deductions, and credits to make sure that everything is correct. If the IRS finds any errors or discrepancies, they may hold your refund for additional review.
Tax Refund Processing Times
The usual processing time for a tax refund is about 21 days from the date that the IRS receives your return. However, this timeline can vary depending on a number of factors, including the complexity of your return, whether you filed electronically or by mail, and whether you requested direct deposit or a paper check.
If the IRS needs to hold your refund for additional review, they will send you a notice explaining the reason for the delay. In some cases, this can take several weeks or even months to resolve. If you have any questions or concerns about the status of your refund, you can check the IRS’s Where’s My Refund? tool on their website.
It’s also important to note that the IRS has the authority to withhold your refund if you owe back taxes or have other outstanding debts. If this happens, the IRS will send you a notice explaining why your refund was withheld and what you can do to resolve the issue.
The processing time for a tax refund can vary, but it typically takes about 21 days from the date that the IRS receives your return. However, the IRS may still need to verify your refund amount after your return is accepted, which can cause additional delays.
If you have any concerns about the status of your refund, you can check the IRS’s Where’s My Refund? tool or contact their customer service line for assistance.