How To Find Out When My Income Tax Is Coming?
How To Find Out When My Income Tax Is Coming? Answered Here
Are you wondering, ‘How to find out when my income tax is coming?’ Find out more about how it works in just a few minutes – see our summary below.
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How Income Tax and Tax Refunds Work
One of the most pressing questions in the life span of an early tax filer is, ‘When can I expect my tax refund to come?’
Before e-filing, this was always difficult to predict if you are waiting for your check in the mail.
After you send in your tax return someone inputs all your data (and later, computers scanned in your data ).
Then the Treasury had to issue a check, which is subsequently mailed to you.
How Long Will It Take To Get My Tax Refund?
Now, using a free IRS e-file, you can get your refund in as few as 8 days from when you file, if you elect for immediate deposit.
For 9 out of 10 taxpayers, the IRS issued refunds in less than 21 days from the date the return was received last year.
The IRS announced it will start processing tax returns on January 28, 2019.
However, many tax programs have not been fully completed to begin filing because of the government shutdown.
While the IRS will begin processing returns, we do anticipate delays across the board.
The IRS does not release a calendar but continues to issue guidance that many filers should receive their refund within 21 days.
They also remind filers that many tax software programs permit you to file your taxes before the beginning of tax season.
However, these software programs don’t eFile until the IRS opens the system (with a few minor exceptions for testing).
Also, you are legally permitted to mail in your 2018 tax return starting on January 1, 2019.
However, if you mail in your return, you can expect to add 6-8 weeks to your processing time (at the low end).
Early Filers – You Will See A Delay In Your Refund
Congress passed a law last year that requires the IRS to HOLD all tax refunds that include the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) before February 15, 2019, regardless of how early the tax return was filed.
So, if you file on the first day, you may still be waiting until February 15 for your refund.
The IRS released a note last year that people held up by this delay shouldn’t expect their refunds before the week of February 25, assuming there are no other issues with the tax returns.
You can read this press release here.
The goal of this is to decrease fraud and provide the IRS time to make sure no duplicate returns are filed.
The problem is, the IRS will hold your entire tax refund, not only the EITC or ACTC part.
When you get your refund, don’t let it go to waste.
Be certain that you set it in a high yield savings account ASAP!
- Read next: What To Do With Savings?
Everyone loves getting money back for a tax refund, I hope this helps you with your question how to find out when my income tax is coming.
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