You have filed your taxes for 2012 and are eagerly awaiting the refund. With IRS' new 'Where's My Refund?' page, you can track when the IRS received your tax return, when it began to process it, and when your refund check is scheduled to arrive. The IRS announced that it will begin to process 2012 tax returns on January 30, so you may start checking your refund status after that.
Tax refunds in 10 days: the IRS
Due to the recent changes in the tax code, including the payroll tax increase, the IRS needed to revise their tax forms and instructions. Some believed it would slow them down, but according to the IRS they anticipated the changes and updated in time. They claim to issue refunds within 10 days of submission this year.
More than 90 percent of refunds are issued within 21 days. You can expect your refund anywhere between 10 to 21 days. However, the IRS also states that the timing of a refund might change due to different factors. They explain that the date of issuance on 'Where's My Refund?' is just an estimate. A delay of a week should be expected.
Factors affecting processing of tax refund
A delay in getting a tax refund can also be due to inaccuracies in the return. If a return is electronically filed, you will be told to make the correction and submit the return again. To receive your refund on time, it is best to file your tax return as early as possible. Even if a correction is required, it should not delay the tax refund.
To get your refund faster, you can e-file your tax return with direct deposit. The IRS takes longer to process paper returns as opposed to electronically filed returns. Not all taxpayers can file electronically though. For example, taxpayers claiming the adoption credit need to file a paper return. You might want to consult a tax preparer before e-filing your tax return.
Labels: IRS, Tax Filing, Tax Refunds, Taxpayers