While filing your income tax return may be a dreaded chore, the sooner you get it done, the sooner you can receive your refund. So, how long will it take to get my refund? According to the IRS it can take up to 21 days. Here is what you can do to help get your refund quicker, what may cause delay, how to track your refund and a suggestion as to what to with your refund.
The quickest option to receive your refund
According to the IRS, the combination of direct deposit with e-filing is the best option for a speedy refund. Once you submit your tax return, you get to choose how you would like to receive your refund. While 80% of taxpayers choose direct deposit as the preferred method, here are the four options you will be given.
- Direct deposit into your bank account
- Paper check sent through the mail
- A debit card holding the value of the refund
- Or use the refund to purchase of government bonds.
With direct deposit you can choose to split the deposit among three different bank account. You also have the option to have a portion of your refund deposited into an IRA.
Here are a few factors that may delay your refund
- If you claim Earned Income Tax Credit
- Additional Child Tax Credit (ACTC)
- If the IRS finds errors,
- Signs of identity theft
Tracking your refund
IRS2Go app allows you to track the status of your return.
You can also check the status of your refund with the Where’s My Refund? online portal.
What to do with your refund?
Why not use it as a down payment on the purchase of your first home? Just a suggestion. I do hope this information was useful. Talk to you soon.