Waiting for your 2020 tax refund? Here’s when it could arrive and how to track it

Waiting for your 2020 tax refund? Here’s when it could arrive and how to track it

Tax season ends April 15 — unless the IRS approves a nationwide tax extension — which means you have a little over a month to file your taxes. Tax time is your chance to collect the money you overpaid throughout the year, as well as any missing stimulus check money (you’ll do that as a Recovery Rebate Credit). And if it’s been at least 24 hours since you filed your tax return, you can start tracking your refund status online. Our chart below can help you determine when your refund could arrive.

If you haven’t filed your taxes yet, note that filing online can be more convenient for both you and the IRS (they’re asking people to avoid sending in a paper return this year). We also encourage you to set up direct deposit to speed up your refund process.

Below, we explain how to track your 2020 tax refund and what your refund status means. Plus, with a new stimulus bill underway, this tax season could involve more than just a refund and missing stimulus money. It could also determine if you’ll be eligible for a third stimulus check of up to $1,400 (or a smaller payment). Here’s a timeline for when the stimulus payment could arrive and how it could be even more targeted, disqualifying more people. This story was recently updated.

How do I track where my tax refund is? Use these two IRS tools

You need several things on hand to track the status of your tax refund: your Social Security number or Individual Taxpayer Identification Number, your filing status — for example, single, married or head of household — and your exact refund amount in whole dollars, which can be found on your tax return.

Using the IRS tool Where’s My Refund, enter your Social Security number or ITIN, your filing status and your exact refund amount, then press Send. If you entered your information correctly, you’ll be taken to a page that shows the status of your refund. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you’ll need to enter the date you filed your taxes, along with how you filed — either electronically or on paper.

There’s also a mobile app you can use to check your tax refund status called IRS2Go. The IRS updates the data in this tool overnight each day, so if you don’t see a status change after 24 hours or more, check back the next day.

Received, approved or sent: What does your tax return status mean?

Both the IRS tools (online and mobile) will show you one of three messages to explain your current tax return status.

  • Received: The IRS now has your tax return and is working to process it.
  • Approved: The IRS has processed your return and confirmed the amount of your refund, if you’re owed one.
  • Sent: Your refund is now on its way to your bank through direct deposit, or as a paper check to your mailbox. (Here’s how to change your address now if you moved.)

When will I get my tax refund? We have several ideas

The IRS says it issues most tax refunds within 21 days, but many people will get their refunds much sooner. If there are any errors, it might take the agency longer to process and issue your tax refund. The same goes for people who filed a claim for an Earned Income Tax Credit or the Child Tax Credit.

The date you get your tax refund also depends on how you filed your return.

For example, if the refund is going into your bank account through direct deposit, it could take an additional five days for your bank to post it to your account. This means if it took the IRS the full 21 days to issue your check and your bank five days to post it, you may be waiting a total of 26 days to get your money. That’s where tracking your refund comes in handy.

If it’s being sent by mail, the IRS says it could take six to eight weeks for your tax refund to arrive. Here are some possible dates when you could receive your refund depending on when you filed…Read more>>

Source:-cnet

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