Tax season tips: When will your refund arrive?
Tax season got off to a late start this year, on Feb. 12, but there are still several ways households can ensure they receive their refunds as soon as possible
Many taxpayers rely on their refunds each year for financial necessities and due to the damage wrought by the coronavirus pandemic the cash could be even more essential in 2021.
Last year's average tax refund was more than $2,500, according to the IRS, so there’s good reason why many households may be patiently awaiting the return of money they overpaid in taxes.
Tax season got off to a late start this year, on Feb. 12, but there are still several ways households can ensure they receive their refunds as soon as possible.
2021 TAX FILING SEASON FAST FACTS
Nine out of 10 taxpayers will receive their refund within 21 days when they file electronically with direct deposit if there are no issues with their tax return, the IRS said. Many people who file this way can expect to see the money even sooner than three weeks.
It will take longer for people who are waiting for mailed checks, with some estimates ranging to as many as eight weeks.
Refunds may also take longer for households claiming the Earned Income Tax Credit or the Child Tax Credit, depending on when you file.
The IRS says it will begin depositing refunds for individuals claiming these credits at the beginning of March, provided they file electronically with direct deposit.
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If you would like to check the status of your refund, the IRS urges taxpayers to use its Where’s My Payment tool instead of trying to call the agency.
The IRS expects that it will process around 150 million tax returns this year.