Tax Refund Schedule for 2020: When Will I have My Money?

Tax Refund Schedule for 2020: When Will I have My Money?

Millions of Americans spend more than needed to the IRS in tax withholding than they really owe. As a result, many taxpayers file their return in the hope of getting their tax refunds as soon as possible. Tax refunds are usually substantial and can have a huge impact on a family's finances. As a result, many people are anxious about when the IRS will send their refunds.

While there is no definite schedule of when to expect a tax refund, there are guidelines. As a result, there is no guaranteed tax refund schedule. The IRS even does not welcome the idea of assuring people of a definite date to expect their tax. The best one can have is an estimate of when to expect the refund. This estimate is based on past IRS refund policy.

No Specific Date: Why?

A tax refund could be a lifesaver for many families and individuals. The IRS knows this. It also knows that promising what it cannot deliver could be disastrous. For instance, many people go for a tax refund advance loan to pay back as soon as the IRS sends a refund. If the refund does not come as anticipated, it could lead to extra interest or fines. This is what the IRS is trying to avoid.

Also, other factors make it impossible to have a specific date for a refund. A taxpayer who forgot to sign the tax return will lose several weeks as the process might be restarted. This also prevents the IRS from having a specific date.

Also, some laws affect the ability of the IRS to send refunds. For instance, taxpayers that qualify for the additional child tax credit will not have access to their tax refund till mid-February. That you file early does not speed up the process.

Estimating the 2020 Tax refund Using IRS Claims

While IRS is careful about not giving specifics for refunds, it has maintained an impressive track record. From records, 90% of taxpayers will have their refunds within 21 days. Using this as a basis, you can project when to have your tax refund with the date you filed your tax as a reference point.

We have an estimated tax refund schedule below with the assumption that the date for filing return starts Jan. 27. We used a month's time frame for delivering relevant documents to the IRS and for processing. There is also an assumption that the refund check will need two weeks to be processed and mailed to the owner.

We used this assumption to arrive at an estimated date for your 2020 tax refunds. 

Date You File

Refund Date If E-File + Direct Deposit

Refund Date If E-File + Mail Refund

Refund Date If Paper-Fil + Direct Deposit

Jan. 27 

Feb. 17 

March 2 

March 16

Feb. 15 

March 7 

March 21 

April 4

March 1 

March 22 

April 5 

April 19

March 15 

April 5 

April 19 

May 3 May 20

April 1 

April 22 

May 6 

May 20

April 15 

May 6 

May 20 

June 3

Curled From

Disclaimer: this is not an authorized schedule from the IRS. Table is based on assumption as explained above 

It is essential to point out that the table above is based on estimation and not approved by the IRS. Your refund might come earlier or later than what we estimated. It depends on many things, as we have explained.

A trusted way to know when you will have your tax schedule is available on the IRS webpage. There is an online Refund Status tool on the IRS website that gives the estimated date in which you will have your money back. 

If you file your check electronically, your estimated date of refund will be available after 24 hours. If you filed with paper, you would have to wait a month when the IRS mails their return before knowing your status.

Final Remarks

The best way to have a quick refund of your tax is to file early. Besides, be sure there are no mistakes by checking well. In addition, filing electronically also helps. Although some people prefer a physical check, direct deposit in your checking account, Individual retirement account, or savings account also speed things up.

Contact Member