When Will You Get Your Tax Refund? Sooner, If You Use Direct Deposit

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

 

 

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