How Long Does it Take to Get Your Tax Refund Back by Direct Deposit?
If you file your tax return online, you can receive your tax refund directly into your bank account within one week. It’s possible to invest that money for future use. If you don’t, you can receive a paper check instead, which can add a few days to your refund. A paper check can be a hassle. Here’s how to avoid it. Follow these simple steps to receive your tax refund fast.
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Tax refunds can be received as soon as one week after filing
While the IRS has said it will send a tax refund as quickly as possible, the exact timeline for your tax refund depends on several factors, including how you file your return and where you live. The fastest way to receive your refund is through direct deposit, but a paper check takes three to four weeks to reach your door. If you prefer to wait until your refund arrives by mail, you can opt to split it up among three different financial accounts and have it deposited into any one of them.
The IRS typically starts accepting tax returns during the last week of January. However, major tax legislation can push back the start of tax season. As of December 31, the IRS had six million unprocessed individual returns, which is much higher than the average start of tax season backlog. Regardless of the backlog, most taxpayers should receive their refunds within 21 days of filing their tax returns. However, some taxpayers have reported receiving their refunds even earlier than that.
They can be received via direct deposit as soon as one week after filing
How long does it take to get your tax return back? This is a question that tax preparers ask all the time. Tax refunds usually take a week or two to process, but sometimes it can be longer. It could be a result of an error on your return. Therefore, be sure to check your return for errors, and ask your tax preparer to review it carefully before submitting it. In addition, if you have recently been the victim of identity theft or fraud, the IRS will hold onto your refund.
The fastest and safest way to receive your refund is via direct deposit. Once it is deposited into your bank account, you can start receiving your refund in a few days. Paper checks, on the other hand, can take several days to clear and process. Another advantage to direct deposit is that you do not have to wait for the mail to get your refund. If you are worried about getting a rejected check, you can set up a prepaid debit card. However, you should know that this option is not available to everyone.
They can be invested for future use
Once you’ve filed your tax return, you may be wondering: how long does it take to get your tax refund by direct deposit? The answer depends on your location and return type. It can take anywhere from two to 16 weeks for a typical tax refund to reach your bank account. It may take up to two months for a non-resident tax return to reach your bank account. You should keep in mind that the IRS may hold a portion of your refund for fraud prevention purposes, so it’s best to put the entire amount into a high-yield savings account before you receive it.
If you’ve chosen to receive your tax refund through direct deposit, it should take no longer than seven to ten days. However, this isn’t guaranteed. Refunds can take longer if you have a complex tax situation or have multiple bank accounts that are not eligible for direct deposit. The best way to get your refund as soon as possible is to file early in the tax season. If you have to wait, the IRS may delay the start of tax season. If you file late, you’ll likely wait up to two months to receive your refund.