When will I get my refund?
We’re getting this question every single day. People want to know when they will receive their refund, the minute they file their taxes. It’s a fair question, none the less. Here you will find everything you need to know about refund timing for 2020.
How long should you wait?
Refund timing in 2020 will depend on how you file your tax return, and how you choose to receive it. The IRS claims that most taxpayers will receive their tax refund in less than 21 days. However, the IRS is legally allowed to hold refunds if there are any questionable issues with a tax return claim. Many people have experienced waits of just a couple of weeks to as much as several months.
Here we list the most common refund timing according to your filing status.
EITC/ACTC (Earned Income Credit/Additional Child Tax Credit)
Taxpayers claiming the EICT or the ACTC may experience a refund hold. Even when they E-file via Direct Deposit. The IRS started processing these type of claims on February 15th 2020. Most tax payers claiming the EICT/ACTC will not see a refund until the first week of March. Even if they filed early.
Once processed, a refund can take a few weeks for the money to be paid. The IRS investigates these types of claims thoroughly to avoid paying fraudulent claims. If you are claiming the EITC/ACTC and you want to check your claims status you can go to Where Is My Refund. You can check your status within 24 hours of filing your tax return.
Check or Direct Deposit
Direct deposit is the safest and fastest way to receive your income tax return money. Checks add processing time, mail delivery time, and increases the chances of loosing your check in the mail.
E File The fastest and preferred way
Filing your tax return electronically is the fastest and most efficient way of filing taxes. E-Filing cuts down manual data entry, reducing the processing time. E-file Claims are more accurate because there is no need to scan documents which could cause errors. Last but not least E-Filing eliminates mail time which can add to a week or two of mail delivery tome.
Paper File
Paper filers can expect to wait six weeks or more. Filing your tax return by paper adds processing time and reduces security. If you must file your taxes by paper, you should be aware that your application has to be input manually, scanned documents could create errors, and physically mailing claims can delay your check while increasing the risk of getting lost in the mail.
Our recommendation
We encourage our customers to E-File and choose to receive their checks via Direct Deposit. This way they’re insuring accurate, fast returns directly into their bank accounts.
To check your status visit Where Is My Refund. You can check your status within 24 hours of filing your tax return.
Get your taxes done by a professional
The tax code continues to be complicated, regardless of the many changes done to simplify it.
Most
taxpayers are opting to apply the standard deduction rather than
itemized deduction method on their tax return, mostly because it is
simpler, however it isn’t straight forward.
That’s why every year
more taxpayers choose to work with a professional, there are many
situations where a single missed deduction could cost a taxpayer much
more than a pro’s fee.
If you want to work with a trustworthy tax
professional in your area, Freedom Services can help you. Our tax
experts have a thorough understanding of the tax code, and how it can
affect your tax return. Talk to and let us help you get the maximum
return available to you.
