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Here’s when you should expect to receive your tax refund in 2023, according to the IRS
Published
1 year agoon
By
New Yorker
Jan. 23, 2023 marked the beginning of tax season as the Internal Revenue Service (IRS) began accepting and processing 2022 tax returns. Last year, Americans received an average refund of $3,253 for their 2021 tax returns, NBC News reported.
While we have yet to see how the average refund size Americans receive in 2023 will compare to last year’s refunds, here’s what you need to know about how long you might have to wait for your refund check.
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When should you file your taxes?
First and foremost, the IRS typically urges all individuals to file their taxes as soon as possible. This way, you have ample time to correct any mistakes or last-minute snares ahead of the deadline on April 18, 2023. This year, though, the IRS is urging caution to any taxpayer who received from their state last year any special inflation-related tax relief or payments.
According to the Associated Press, 19 states offered some type of relief payment last year: The list includes Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina, and Virginia.
The IRS suggests holding off on filing if you received such payments from your state so they can determine further guidance on navigating the relief. The goal is to avoid having these taxpayers file amended returns.
Otherwise, the agency has reminded taxpayers to make sure all of their personal information and tax documents are correct to ensure a smooth filing process. Otherwise, you may encounter delays or receive an inaccurate refund. You’ll also want to try to avoid numerical or calculation errors when filling out the paperwork.
If you’re nervous about navigating the ins and outs of filing your taxes, sites like TurboTax and H&R Block offer step-by-step guidance and final reviews from experts. You also have the option to receive live assistance or have a tax professional file your taxes on your behalf, which can decrease the likelihood of a mistake delaying your refund.
TurboTax
On TurboTax’s secure site
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Cost
Costs may vary depending on the plan selected
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Free version
For simple tax returns only. See if you qualify.
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Mobile app
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Live support
H&R Block
On H&R Block’s secure site
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Cost
Costs may vary depending on the plan selected
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Free version
Yes (for simple returns only)
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Mobile app
-
Live support
When can you expect your 2022 tax refund?
According to the IRS website, taxpayers should expect to receive their 2022 tax refund within 21 days of submitting their return so long as they file electronically, choose to receive their refund through direct deposit and don’t encounter any issues like inaccuracies or incomplete information.
However, if you’re claiming an Earned Income Tax Credit or Additional Child Tax Credit, the IRS will accept your return but can’t issue your refund before Feb. 18. For a more personalized estimation of your refund status, you can check the Where’s My Refund? tool on the IRS’s website. You’ll need to input your social security number, filing status and the exact refund amount on your return.
Bottom line
The best way to get an expedient tax refund is to gather all your documents and make sure you’re filing the correct information as soon as possible. Working with a tax filing expert can also help you minimize the likelihood of making an error, which could ultimately delay your refund.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Source: CNBC
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