Posted by Flynn Financial Group Inc

What You Need to Know About 2020 Tax Refund Schedule

What You Need to Know About 2020 Tax Refund Schedule

The beginning of this year’s tax season will be this coming Monday, January 27, 2020, as said by the IRS (Internal Revenue Services). When can we get our tax refund? A question we all have in mind right now. Considering there will be no delays in processing, the following table will show the estimated tax refund schedule in accordance with the data and filling dates from the IRS.

Bear in mind that this is only a logical assumption and there will be circumstances that will possibly change the tax refund.

The data that is being shown here is from the IRS foreseen receipts which are dated from the start of the tax season (January 27, 2020) until its end (April 15. 2020 ). In order to have a chart that can be easily managed, we presume that the IRS is accepting an e-filed tax refund every Monday, which is the first business day of the week. However, in case there will be a holiday such as President’s day that usually falls on Monday, we just jump to the following day (Tuesday).

Take note that we presume that the IRS is issuing a deposit refund with the span of 10 to 14 days from the date of the acceptance of the return, and the next Friday the paper check will be issued. In real life, the issuance of a tax refund by the IRS is based on the day the return was received, thus the date can be adjusted because they can issue any time within the business working day.

As publicly announced by the IRS ninety percent of the total refunds were being made in the span of 21 days. The historical record shows that on average, tax refunds can be received in the span of 10-14 days, by those taxpayers having correct basic returns with no flags or further problems. 

Technically, the IRS cease showing the public their tax refund processing chart. This means that all other data from other sites may vary as they are just making an assumption like us. In case of paying back a bank loan or purchasing a large amount that requires planning on a particular date, we should not depend on any tax refund chart including this one.

Keep in mind that the IRS will start its issuance of refunds for claims for earned-income tax credit (EITC) and the additional child tax credit (ACTC) in the middle of February. The most recent date for the availability of refunds for EITC and ACTC will be most likely on February 28, 2020, suppose that it will be direct deposit with no other issues apart from the regular processing day for banks, factoring in weekends, and the President's Day holiday.

IRS encourages taxpayers to e-file their tax returns and use direct deposit in order to receive tax refunds at the earliest possible time. Remember that the actual date of the acceptance of e-file by the IRS is not the day the file was sent or the go signal that was given to the tax refund preparer, instead, we must check the confirmation message sent by the IRS. They will indicate the correct date they accepted your e-file.

Filing tax refunds by paper will cost more time as the data will be inputted manually in the system by IRS, thus the whole processing will most likely take 4 weeks. We must also take into consideration the official postal holidays within the tax season in counting for the mailing process. There are only two postal holidays in a year, the President's day that falls within the tax refund period (Monday, February 17) and the Memorial Day that falls after the tax period (Monday, May 25).

In 2014, IRS narrow down the number of refunds a taxpayer can apply using a single deposit or prepaid debit card into 3 direct refunds transactions. Therefore, there is a big possibility of receiving refunds via paper check even if your request is for direct deposit if in case your limit exceeds. Furthermore, the direct deposit refund will only be released by IRS through a bank account under your name, your spouse name or it can be both if your account is a joint account. 

As suggested by the IRS, the best way to dig up details regarding your tax refunds is by acquiring a tool called “Get Refund Status” rather than consulting a tax expert.

Make sure all the details on your refund are readily available such as Social Security number or ITIN, the exact amount of refund and its filing status. Confirmation regarding the refund will be issued within 24 hrs upon the acceptance of your e-filing while it will take 4 weeks after the paper return has been sent. It is not necessary to check the IRS site for updates every time because it will only be updated 1 time per day at night. 

The official mobile application of the IRS which is the IRS2Go will provide you with updated information regarding your tax status. It has a tax refund status tracker that enables you to conveniently check the status of your refund.

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