Ready for your tax refund? You’re not alone! Close to 75% of taxpayers received a federal direct deposit tax refund of about $3,000 last year!
TurboTax is now accepting tax returns, which means you’re one step closer to receiving your maximum tax refund. The IRS will begin accepting e-filed tax returns on January 28, 2019 – but what happens afterward? We have the scoop on what to expect when you’re expecting a federal tax refund:
- Start checking status 24 – 48 hours after IRS receives e-file: Once the IRS acknowledges receipt of your e-filed tax return, you can use the IRS Where’s My Refund? tool to track your federal tax refund status. The tool will show “Return Received” once the IRS has begun processing your tax return. Keep in mind: you will not see a refund date until the IRS finishes processing and approves your tax refund.
- Status change to “Refund Approved”: Once the IRS finishes processing your tax return and confirms your tax return is approved, your status will change from “Return Received” to “Refund Approved.” Sometimes the change in status can take a few days, but it could take longer – so be sure to check back and remain patient. The IRS will provide a personalized refund date once your status changes to “Refund Approved.” *The IRS expects to issue 9 out of 10 federal tax refunds within 21 days of acceptance if you e-file with direct deposit.
- Status change to “Refund Sent”: Once the status in Where’s My Refund? shows “Refund Sent,” the IRS has sent your tax refund to your financial institution for direct deposit. It can take up to five days for your bank to deposit funds into your account. If you requested that your tax refund be mailed, it could take several weeks for your check to arrive.
E-file with direct deposit is the fastest way to get your tax refund. If you mailed a paper tax return, you can start checking the status of your tax refund about four weeks after sending.
So what are you waiting for? File today – and if you have a simple tax return, you can e-file your federal and state tax returns for free with TurboTax Free Edition.
*The Protecting Americans from Tax Hikes (PATH) Act, signed into law in December 2015, requires the IRS to hold tax refunds that include Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) until February 15, 2019, however most taxpayers will not be impacted by the change in the law. The IRS expects the earliest EITC/ACTC related tax refunds to be available in taxpayer bank accounts or on debit cards beginning on February 27, 2019 (assuming these taxpayers chose direct deposit and barring any other issues with tax returns).
Don’t worry about knowing tax laws when you file your taxes. TurboTax will ask you simple questions about you and give you the tax deductions and credits you’re eligible for based on your entries. If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. A TurboTax Live CPA or Enrolled Agent can also review, sign, and file your tax return.