When Will I get my Tax Refund?
With holiday season in full swing, many people have racked up the holiday expenses, whether it be from buying gifts for friends and loved ones or treating yourself with a much-needed vacation. As these expenses begin to rear their ugly heads, many look to tax returns to help combat the expensive holiday months. The IRS is said to begin processing most returns on January 20, 2020 (not including returns with Earned Income Tax Credit or Additional Child Tax Credit – they will begin being processed in mid-February 2020). Many taxpayers are quick to file and then left wondering when they will see any refunded money. While there is no definite answer as to when the IRS will process a return and refund a taxpayer, there are several factors that will affect how quickly the taxpayer may receive the return. The four most controlling factors include:
When the return is filed
If the taxpayer is claiming certain credits (i.e. Earned Income Tax Credit or Additional Child Tax Credit)
Whether the return is e-filed or sent by mail (e-filing is recommended as being a faster, more efficient option)
Whether the taxpayer has existing debts to the federal government
In essence, the faster you file (preferably online), and the less complex your tax situation, the faster you will receive your return from the IRS.