Tax refunds are already being deposited. Here's when to expect you in 2023

 

Tax refunds are already being deposited. Here's when to expect you in 2023

While the deadline for filing tax returns is April 18, many Americans who submitted documents have already received their refunds. As of February, the agency said the IRS had issued nearly 18 million refunds worth roughly $15.7 billion.

According to the IRS, the average refund was $1,963, down from $2,201 last year. However, those who received refunds via direct deposit saw nearly $100 more received on average.

Here's when you can expect your 2023 tax refund, how to get it faster, and reasons for delaying your filing.

How long does a tax refund take?

It generally takes less than 21 days from the time the IRS approves the amount for a refund.

Those who apply online can check the status of their returns 24 hours after the submission date. This can be done on the IRS2Go app or through the "Where do I get my refund?" tool on the IRS website.

What is the fastest way to get a refund?

According to the IRS, the quickest way to get a tax refund is through direct deposit into a bank account. Taxpayers can use direct deposit to transfer refunds into up to three accounts.

A combination of electronic filing and direct filing to file early yields the fastest refunds, according to the IRS, and some may be eligible to file electronically for free.

Smartphone apps like TurboTax, H&R Block, and TaxSlayer can be a convenient way to file your taxes, but they usually charge a fee that can be deducted from your refund amount.

Why is tax refund sometimes delayed?

The IRS says some tax returns can take longer to process for many reasons, including when the return was submitted on paper, has errors, needs to be completed, or needs further review. Payments can also be delayed if the tax form includes a technical document. This may take up to 14 weeks to process.

Will mail more than one tax return speed up the process?

According to the IRS, filing the same tax return a second time may cause delays and won't speed up the refund process.

You should only refile your tax return if all of the following apply to you:

You are due a refund.

You filed a paper tax return more than six months ago.

"Where is my refund?" The IRS website tool needs to show that the return was received. You should call the IRS at 800-829-1040 in case, "Where's my refund?" direct you to do so.