Posted by The TaxAdvocate Group, LLC

2020 Tax Refund Schedule

2020 Tax Refund Schedule

Many people are afraid of the tax season, and it is only natural. But if you expect a tax refund for the 2019 tax season (filed in 2020), you have something to hope for. With the additional funds, you can pay off some of your debt, start saving in a high-interest savings account or take your financial plan seriously. Do you want to know when the refund will arrive? Most people will receive tax refunds within three weeks, but this will vary depending on the method of filing and the method of refund. So, when will the IRS start process tax returns in 2020?

Technically, you can file your tax return as soon as you are ready. If you have all of your relevant documents and have completed the return, there is no reason why you cannot send it to the IRS. Most electronic tax programs allow taxpayers to prepare their statements at the end of the calendar year.

That being said, the IRS does not start processing tax returns before a specific date each year, and for fiscal 2019, it is January 27, 2020. This will be the official start of the tax season.

If you owe the IRS money, it should be noted that you have until April 15, the deadline to pay the balance of income tax, even if you paid in advance. Completing the tax return at the start of the season can be an effective way to prevent tax identity theft, the IRS only accepts a claim on a social security number, so don't allow commissions due to prevent you from getting tax returns as soon as possible in the most reasonable way possible.

When will tax refunds start in 2020?

Once the IRS accepts your tax return, you will likely receive a tax refund within 21 days if you file an electronic tax return. During this period, more than 90% of tax refunds have been made in recent years. If you are among the 8% of Americans who still file a paper tax return, it may take much longer.

Therefore, if you submit the tax return by email and the IRS accepts it as soon as possible, you will be able to receive the refund before February 17, although you can get it much sooner. 

In practice, the IRS generally issues tax refunds once a week (Friday), so the most likely date for your direct deposit would be February 14. Of course, if you choose to receive a refund by paper check, you probably won't. Do it very quickly.

Finally, if you request EITC (Earned Income Tax Credit) or ACTC (Additional Child Tax Credit) upon your return, your refund may be delayed. The IRS must withhold all repayments that require these loans at least February 15.

How to check the status of the tax refund

If you're wondering how long to wait, you can check the status of the refund on the IRS website. In particular, it will be possible to view the status of the tax return 24 hours after filing the electronic tax return or four weeks after filing the paper tax return. An exact refund date will be indicated after the IRS processes the return and approves the refund. So if you want to know exactly when you can expect tax refunds to appear on your bank account in 2020, this is the best place to find information.

What happens to my state tax refund?

What we have covered so far applies to federal tax refunds. As expected, each state does things a little differently when it comes to issuing a tax refund.

Typically, you can expect to receive a state tax refund within 30 days if you filed your tax return electronically. If you filed a paper income tax return, the refund could take up to 12 weeks. To find out the status of the refund, you must contact the state tax agency or visit the website of the Department of Public Revenues.

When are taxes due?

The deadline for filing the tax return and paying the tax bill of 2019 is April 15, 2020. If you are not able to meet the deadline for filing the tax, you can request an extension. But the sooner you submit a file, the faster you can refund the tax. The earliest possible date for filing the 2019 tax return is January 27, 2020.

Conclusion 

If you want to receive the tax refund as soon as possible, complete the tax return in advance, check for errors before submitting, and submit it electronically. And although you may need a physical check, you will receive a much faster refund if it is deposited directly into your checking account, savings account, or individual retirement account (IRA). If you are concerned about the state of a tax refund, be sure to use the IRS tax refund tool. Provide real-time status updates on your refund.

If you receive a large refund, consider talking to a financial advisor about investing additional money.

The TaxAdvocate Group, LLC
Contact This Member