Updated: February 24, 2020 – 9:55 am EST
It’s the end of February… have you received your 2020 income tax refund yet? If not, you’re surely wondering when it might finally get here. The chart below offers a general timeline based on when you filed, data from previous years, and IRS policy. While it isn’t a guarantee, but it can help you predict when you will get your 2020 IRS federal tax refund.
Most taxpayers can get their 2020 income tax refund via direct deposit from the IRS in as little as 10-15 days if they file early. So, there’s no reason to get a refund loan or similar services, which often include steep fees.
The main factors that determine when a taxpayer may receive their return include:
- How early you file
- If the taxpayer is claiming certain credits (especially EITC and CTC)
- Whether the return is e-filed or sent by mail
- Whether the taxpayer has existing debts to the federal government
As with recent years, the IRS has added a 2-3 week delay to tax returns that claim the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC), since these credits are the most abused. The additional time allows the IRS to verify that taxpayers qualify for the credits.
The below chart shows an estimated timeline for when a taxpayer is likely to receive their refund for tax filers who DO NOT have the EITC or CTC, based on the information we have now, and using projections based on previous years. If your IRS income tax refund is delayed, ask your tax professional, or simply use the “Where’s My Refund?” tool on the IRS website. Or download the IRS2Go app to check your refund status.
The below dates are only an estimate. (The first date, “IRS Accepts Return,” does NOT mean the day you clicked the submit button or you went to your tax pro. It is usually 2-3 days after that.)
“When Will I Get My 2020 Income Tax Refund?”
|IRS Accepts Return By:||Direct Deposit Sent (Or Paper Check Mailed one week later):|
|Jan. 27, 2020||Feb. 7, 2020 (Feb. 14, 2020)|
|Feb. 3||Feb. 14 (Feb 21)|
|Feb. 10||Feb. 21 (Feb 28)|
|Feb. 18 (President’s Day is a holiday)||Feb. 28 (Mar. 6)|
|Feb. 24||Mar. 6 (Mar 13)|
|Mar. 2||Mar. 13 (Mar. 20)|
|Mar. 9||Mar. 20 (Mar. 27)|
|Mar. 16||Mar. 27 (Apr. 3)|
|Mar. 23||Apr. 3 (Apr. 10)|
** = Returns with EITC or CTC may have refunds delayed until late February to verify credits.
*** = Filing during peak season can result in slightly longer waits.
|IRS Accepts Return By:||Direct Deposit Sent (Or Paper Check Mailed one week later)|
|Mar. 29||Apr. 10, 2020 (Apr. 17)|
|Apr. 6||Apr. 17 (Apr. 24)|
|Apr. 13||Apr. 24 (May 1)|
|Apr. 20||May 1 (May 8)|
|Apr. 27||May 8 (May 15)|
|May 4||May 15 (May 22)|
|May 11||May 22 (May 29)|
|May 18||May 29 (June 5)|
|May 25||June 5 (June 12)|
Be Safe – Hire a Professional
Taxpayers who use a professional, such as a CPA or EA, can ask that professional for the estimated date of their tax refund, and they can be more confident that their taxes have been properly (and legally) filed.
There are also apps for Apple, Android and other devices that help track refund status.
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.
What If You Can’t File Your Income Taxes By April 15?
Taxpayers who don’t have all of the paperwork needed in order to file their taxes can easily file an extension form, “Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” – This will give the taxpayer until October 15 to file their tax return. No reason or excuse is needed to receive this extension, and as the title states, it is automatically granted.
However, if a person will owe taxes, it is still their obligation to pay those taxes by April 15, even if they have requested an extension to file. A tax professional can assist with this. Those who are due a refund generally only need to file the extension request by April 15. Any tax professional and most do-it-yourself tax programs can perform this task.