Posted by Abundant Wealth Planning LLC

The Tax Refund Schedule: When will you receive the tax refund?

The Tax Refund Schedule: When will you receive the tax refund?

You've done the hard work, filed your taxes, and now expect a refund. It's time to wait. But how many days, weeks or months do you have to wait? It depends. We will explain below and give you a better idea of what your timeline might be.

When can you expect your tax refund? Well, it depends on when and how to file taxes. Generally, the IRS notes that it issues most refunds within 21 days of receiving the tax return forms. However, if you are claiming an income tax credit or an additional child tax credit, it may take a little longer for you to get a refund.

And remember, this process and timing are based on when the IRS receives its tax forms and how it decides to refund you. If you submit your taxes electronically and choose to receive your refund as a direct deposit, you will receive it faster than when you file on paper and receive a refund with a paper check.

2020 Refund Schedule

The IRS has published a chart each year with the repayment schedule based on the date of acceptance of the refund. Due to the new audit procedures, they no longer do so. However, we can make a nice estimate based on the performance of recent years. However, take this information with a little salt and see the next section for how to get your specific refund status.

If the IRS accepts the tax return: direct deposit can be sent as soon as possible: or the paper check can be sent as soon as:

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:

  • 1/27
  • 2/7
  • 2/14
  • 2/3
  • 2/14
  • 2/21
  • 2/10
  • 2/21
  • 2/28
  • 2/18
  • 2/28
  • 3/6
  • 2/24
  • 3/6
  • 3/13
  • 3/2
  • 3/13
  • 3/20
  • 3/9
  • 3/20
  • 3/27
  • 3/16
  • 3/27
  • 4/3
  • 3/23
  • 4/3
  • 4/10
  • 3/30
  • 4/10
  • 4/17
  • 4/6
  • 4/17
  • 4/24
  • 4/13
  • 4/24
  • 5/1
  • 4/20
  • 5/1
  • 5/8

Check Your Refund Status

The table above can help you calculate when you will receive your refund. But if you're curious about your current repayment status, you can easily find it online.

Go to www.irs.gov/refunds and click on "Check my refund status." There, you enter the social security number or ITIN, marital status, and the amount of the reimbursement displayed on the tax return.

You will need to have the exact amount of the refund, so check the tax return when you submit it to the IRS. After entering this information, you will be able to see the status of the actual tax refund, so you can estimate when the money will arrive.

What to do with this reimbursement?

Save It

Have you already planned how to use your refund when it arrives? If not, consider tackling some of the most important financial goals you have. You can use it to pay off persistent debt with high interest or put it on an economic goal that you've been working on for some time.

Another option is to save in a high-interest savings account. Savings is an excellent option for storing your emergency funds or other long-term savings accounts.

Invest your money

Another excellent option for managing the money on your tax refund is to invest it. Introducing money into an investment account can seriously affect your financial future.

Abundant Wealth Planning LLC
Contact Member