Each year, tax season brings mixed feelings, with a little stress, but also a lot of anticipation. For thousands of taxpayers, the most anticipated moment comes when the Internal Revenue Service (IRS) releases refunds, an extra income that can make a big difference to their economy.
According to the IRS, most refunds are processed within 10 to 21 days. However, this time is not the same for everyone. It depends on factors such as the date the return is filed, the method chosen to file it and the tax credits claimed.
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The IRS schedule favors those who choose to file electronically, as these are processed faster than paper returns. Likewise, choosing direct deposit instead of receiving a check in the mail can make the money arrive much faster.
However, some special tax credits, such as the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC), tend to delay the delivery of the refund. Despite these potential pitfalls, the excitement is not lost: many count the days to see this economic relief reflected in their accounts.
Refund schedule by filing and delivery method
- E-filing and direct deposit: 1 to 3 weeks
- Electronic submission and cheque: 1 month
- Statement by mail and direct deposit: 3 weeks
- Statement by mail and cheque: 2 months
Who receives their deposit from April 28 to May 4?
Those who filed their tax returns electronically between April 7 and 13, with direct deposit selection, are estimated to receive their refund between April 28 and May 4.
For those who chose a check payment and filed their return in the third week of March, the payment should arrive on Monday, April 28
This news was originally published on this post .
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