So when can you expect to get your tax refund? Well, it depends on when and how you file your taxes. In general, the IRS notes that it issues most refunds within 21 days of receiving your tax filing forms. But if you claim an Earned Income Tax Credit or Additional Child Tax Credit, your refund could take a bit longer to get to you.
And remember, this process is based on when the IRS actually receives your tax forms and how you decide to be paid. If you e-file your taxes and choose to receive your refund as a direct deposit, you’ll get it more quickly than if you file with paper and receive your refund with a paper check.
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Refund Schedule for 2023
The IRS used to actually publish a chart each year with the refund schedule, depending on the date that your return was accepted. Due to newer auditing procedures, they no longer do this. However, we can make a pretty good estimate based on past years’ performance. Most people will receive their refunds within three weeks of it being accepted by the IRS. However, any number of issues could delay your refund—errors, corrections to the Recovery Rebate Credit, identity theft, fraud, or being flagged for an audit.
Check Your Refund Status
If you’re curious about your actual refund status, you can find that easily online, too.
Go to www.irs.gov/refunds and click Check My Refund Status. There you’ll enter your Social Security Number or ITIN, filing status, and refund amount shown on your tax return.
You’ll need to have the exact refund amount, so be sure you’re looking at your tax return as you sent it to the IRS. Once you enter this information, you’ll be able to see the status of your actual tax refund so that you can estimate when your money will arrive.
What To Do With That Refund
Save It!
Do you already have plans for your tax refund when it does arrive? If not, you might consider tackling some of your most important financial goals. You could use it to pay off some lingering high-interest debt, or you could put it towards a savings goal you’ve been working on for a while.
Source: The 6 Best Debt Repayment Tools and Apps
Another option is to save it in a high-interest savings account like Citi® Accelerate Savings. With a 0.60% APY, Citi® Accelerate Savings is an excellent option for storing your emergency fund or another longer-term savings account.
Invest Your Money
Another great option for dealing with that tax return money is to invest it. Putting your money into an investment account can seriously impact your financial future.
Regardless of when your income tax return arrives, be sure you have a plan to put it to good use so that you don’t blow it in a way that doesn’t further your financial progress for 2022!
Chris Muller
Chris has an MBA with a focus in advanced investments and has been writing about all things personal finance since 2015. He's also built and run a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. You can connect with Chris on Twitter @moneymozartblog.
