Are you eagerly awaiting your IRS refund? The anticipation can be almost unbearable! Is there anything more exciting than watching the mail and tracking your refund online? But before you get settled in for the wait, let’s take a look at how long it takes for the IRS to accept your refund.
Refund Race: Get Ready, Set, Go!
When you file your taxes, you can expect to get your refund within 21 days if you’ve filed electronically. That’s the amount of time the IRS generally takes to process refunds. If you’ve filed a paper return, that takes a bit longer, so plan for about 6 weeks for the IRS to process it. But don’t forget to factor in the time it takes for your return to travel through the mail.
When it comes to getting your refund, you can get a jump on the process by filing electronically and opting for direct deposit into your bank account. That way, the IRS can send your refund directly to your bank account and it’ll show up much more quickly.
The IRS Refund Sprint: How Long Does it Take?
The IRS refund process can be summed up in three steps: accept, process, and approve your return. First, the IRS needs to process your return to make sure everything is in order and the tax liability is accurate. Then, the IRS has to approve your return and issue your refund. Once it’s issued, that’s when you can start counting down the days until your refund arrives.
But as with anything, there can be delays that can slow down the process. These include submitting incomplete information, errors on your return, or claims of identity theft. If you’ve filed electronically and your return is accepted, the IRS will update the status of your refund in their system every 24 hours. You can keep track of the status of your refund online.
So, if you’re waiting on your refund, remember that the IRS can take up to 21 days (or 6 weeks if you’ve filed a paper return) to process and approve it. By filing electronically and opting for direct deposit, you’ll get your refund more quickly. With a bit of patience, you’ll get to count down the days until your refund arrives!