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 and the timing are 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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It’s been reported the IRS may delay the tax filing deadline of April 15th due to the Coronavirus pandemic. But, it’s not certain when or if it will actually happen or how long the deadline would be extended.
It should also be noted, earlier reports indicate there shouldn’t be delays in sending tax refunds.
Refund Schedule for 2020
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. Still, take this information with a grain of salt, and check out the next section to learn how to get the status of your particular refund.
|If the IRS accepts your tax return by:||Your direct deposit may be sent as soon as:||Or your paper check could be mailed as soon as:|
Check Your Refund Status
The table above could help you estimate when you’ll get your refund. But 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 in 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
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.
Another option is to save it in a high-interest savings account like with Citi Accelerate Savings. With a 1.00% APY, your interest doesn’t get much better than this for a savings account. 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.
Just getting started with investing? Check out options like Betterment and Wealthfront that make it easy to see how much and where you should invest. For women, especially, Ellevest is another beneficial option for beginning to invest.
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 2020!