If you are a taxpayer and worrying about your Tax Refund Status, then you no longer need to worry now. The good news is that the receiving tax refund has enlarged exponentially since 1990. Before this, people filed their tax and they did not get any real indication of the status of that fund from Internal Revenue Service (IRS). Information about your refund was difficult to get in the days from IRS before the internet. But after 1990, the tax filing system has changed and with the passage of time, the people get their refund in eight business days after filing tax in 2011.
Refund Processing Time
There are two ways for filing your tax refund. These two methods are:
E-Filed Tax Returns with Direct Deposit
This is the faster way to get your federal tax refund. The IRS states that the 9 out of 10 e-filed tax returns with direct deposit processed within 21 days after the acceptance of e-file by IRS.
Mailed Paper Returns:
The IRS processes your tax return file in 6 to 8 weeks from the date after receiving your tax return file.
Start checking status 24-48 hours after e-file
You can check the status by using IRS (Where’s My Refund?) after e-filed. If you mail a paper tax return then you will not be able to check the status of tax refund for 4 weeks.
Return Received Notice within 24-48 hours after e-file
Once your process of tax return starts then IRS (Where’s My Refund) tool will show your tax return status. Until the IRS will not finish your tax return process and approve it then you will not be able to see the tax refund date.
Status Change from “Return Received’’ to “Refund Approved”
When IRS completes processing your tax return and approves your tax refund then your status will change from “Return Received” to “Return Approved”.
Where’s My Refund? Tool shows Refund Date
When your status moves to “Refund Approved” then IRS will provide you a refund date. The 9 out of 10 refunds are issued within 21 days after the acceptance of “e-file with direct deposit” by IRS.
Where’s My Refund? Shows “Refund Sent”
If the status “Where’s My Refund? Shows “Refund Sent” then-IRS has sent your refund for direct deposit. To deposit your fund in your account, the financial institution takes 1 to 5 days for processing. It can take several weeks if your tax refund is mailed.
Factors Affecting the Speed of Your Tax Refund Status
There are 5 things that you can do and make sure that you will get your tax refund very soon as well as it is possible.
Make your tax return file error free and submit your tax return file without any delay.
Use Online Tax Prep Software
Use online tax prep software that is much faster than IRS tax booklet. Time invested in finishing your return depends on how many streams, deduction, and sources of income you have.
If you file electronically then you will get a notice within 24 hours and receive a confirmation within 72 hours.
Request Direct Deposit
After the acceptance and approval of your tax return file, you have to request financial institution to directly deposit your money in your bank account within a week.
File on a Sunday or Monday
Try to file on Sunday or Monday because there are many chances you will receive the refund before the weekend instead filing on Friday and it will take the next week for the refund.