One of the top-searched questions between mid-February and April 15 each year is, "When can I expect my income tax refund?" Well, the answer depends on a couple of things, but the good news is that there are a number of tools to help find out.
First of all, taxpayers who use a professional, such as a CPA or EA, can ask that person for an estimated date. Taxpayers who've already filed can also go to the Internal Revenue Service's website, which has a tool designed specifically for that called, "Where's My Refund?"
The tax agency began processing tax returns on January 31, 2014, for taxes paid/owed in 2013. In general, the IRS says that returns with refunds are processed and payments issued within 21 days. For paper filers, this can take much longer, however. The IRS and tax professionals strongly encourage electronic filing. .
How quickly a taxpayer receives a refund also depends on when they file and whether they have requested a direct deposit of their refund, or a paper check. This is because during some time frames there is increased traffic, with more filers getting their forms in. The busiest time, and which can experience longer waits on refunds, is usually for those who file in the last week before the April 15 deadline.
The following chart, developed by Hot Springs Tax Services, provides a general estimate of when taxpayers can expect their refund, based on date filed and type of refund payment. The chart is also available at: http://refundschedule.com/2014-irs-e-file-chart.
|IRS accepts your return (by 11:00 am) between…||Estimated Direct Deposit Sent||Estimated Paper Check Mailed|
|Jan 31 2014||2/5/2014||2/7/2014|
|January 31||and||Feb 08 2014||2/12/2014||2/14/2014|
|Feb 09||and||Feb 15 2014||2/19/2014||2/21/2014|
|Feb 16||and||Feb 22 2014||2/26/2014||2/28/2014|
|Feb 23||and||Mar 01 2014||3/5/2014||3/7/2014|
|Mar 02||and||Mar 08 2014||3/12/2014||3/14/2014|
|Mar 09||and||Mar 15 2014||3/19/2014||3/21/2014|
|Mar 16||and||Mar 22 2014||3/26/2014||3/28/2014|
|Mar 23||and||Mar 29 2014||4/2/2014||4/4/2014|
|Mar 30||and||April 05 2014||4/9/2014||4/11/2014|
|April 06||and||April 12 2014||4/16/2014||4/18/2014|
|April 13||and||April 19 2014||4/23/2014||4/25/2014|
|April 20||and||April 26 2014||4/30/2014||5/2/2014|
|April 27||and||May 03 2014||5/7/2014||5/9/2014|
|May 04||and||May 10 2014||5/14/2014||5/16/2014|
|May 11||and||May 17 2014||5/21/2014||5/23/2014|
|May 18||and||May 24 2014||5/28/2014||5/30/2014|
|May 25||and||May 31 2014||6/4/2014||6/6/2014|