Taxes are due this year on April 15. But if you’re someone who likes to be ahead of the game, you may have submitted your 2023 tax return in late January or early February.
The benefit of filing taxes early is potentially expediting your refund. But what if you submitted your taxes weeks ago and your refund has yet to show up?
Your first thought might be something along the lines of, “Oh boy, I guess I’m getting audited.” But while it may be that the IRS needs extra time to verify the information on your tax return, that’s not necessarily the reason your refund hasn’t arrived yet. Here are some other explanations.
1. It’s only been a couple of weeks
The IRS typically issues tax refunds within 21 days of receiving tax returns. If you sent in your taxes 14 or 15 days ago, you may just have to sit tight a little bit longer until that money arrives in your bank account.
Remember, too, that your bank may not necessarily notify you that your refund has arrived. You may need to log into your account to check on that money.
2. You filed your taxes on paper
If you’re someone who files a physical tax return, expect your refund to take longer. The IRS says it typically takes six to eight weeks to receive a refund following a paper return. And a big part of the reason is that these returns have to be processed manually. They may also be more likely to contain math errors, which is something the IRS will usually try to resolve on its own.
With an electronic return, you’re less likely to have faulty math, and you’ll usually get your refund much faster. So if that’s your goal, it pays to file electronically going forward.
3. You entered the wrong banking details for direct deposit
The IRS gives filers the choice to receive a refund check by mail or have funds deposited electronically into a bank account. But if you entered the wrong bank account or routing number when you asked for direct deposit, it could be delaying your refund.
Usually, in this situation, the bank in question will reject the payment the IRS sends. From there, the IRS will have to take that money back and then issue a physical check. So it’s easy to see why your money may be held up if you botched your banking details.
How to follow up on your refund
If you’re convinced that your tax refund is overdue, you don’t need to be in the dark. You can use the IRS’s “Where’s My Refund?” tool to check on the status of your refund.
To use this tool, you’ll need:
- Your Social Security number
- Your tax-filing status
- The amount of your refund
From there, you may get a message to call the IRS to follow up on your money. And even then, there’s no need to panic or assume the worst.
But you also might see that your refund is still being processed. And if so, rather than worry, make a note to check back in a few days and see what’s what. Chances are, you’ll have your money soon enough one way or another.
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