If you’re expecting a tax refund this year and want to learn more about what to expect, here we’ll provide you with valuable insights about the tax refund process for the 2023 filing season. You’ll learn about the average tax refund amount, the timeline for receiving your refund, how to track its progress, and more. We’ll also cover the impact of the ongoing pandemic on tax refunds and how the IRS is handling the backlog of tax return and how taxpayers can track their progress using the IRS “Where’s My Refund?” site. Whether you’re a beginner or an experienced taxpayer. New for 2023 for 2022 tax filing.
Where is My Refund
Are you anticipating a tax refund this year? It’s understandable to feel uncertain about it given the pandemic’s upheavals. But don’t fret – we have some information to give you an accurate picture of what to expect.
Last year’s average tax refund was nearly $3,300, so it’s no surprise that so many people are eager to receive their refund. A recent survey revealed that almost 70% of taxpayers are nervous about receiving their refund this year and 1 in 5 worry their refund may be delayed in 2023.
How long will it take to receive your refund? According to the IRS, most refunds are processed within 21 calendar days. However, if you filed a paper return, processing time could extend up to six months or more. In the best-case scenario, paper returns could result in waiting around four weeks for a refund; thus e-filing your tax return is recommended if you have yet to do so.
If you’re uncertain of the status of your refund, check it out on the “Where’s My Refund?” page on the IRS website. If you e-filed, you can check its progress 24 hours after filing; however, if filed by paper, information may not be available until four weeks after mailing your return.
The “Where’s My Refund?” tracker will provide you with a personalized refund date once the agency processes and approves your return. It also tells when the IRS received your return, when it was approved, and when it will be sent.
This year, the IRS began tax season with an overwhelming backlog of about 10 million returns. To tackle this and prepare for this year’s filing season, they have been hiring additional personnel. Thus far, Americans are filing their returns earlier than last year – 36.9 million returns have been filed through February 17th, representing an increase of approximately 3% compared to this same time last year, according to IRS data.
The IRS is processing claims faster than anticipated in 2022, with 36.8 million returns processed through February 17th — up 10% from a year earlier. Nonetheless, keep in mind that errors or other issues can cause tax returns to get flagged for agent review, delaying your refund as well.
In conclusion, you can typically expect your refund within 21 calendar days if you e-filed your return. On the other hand, paper returns may take up to six months or longer. Be sure to check “Where’s My Refund?” regularly for updates and remember any mistakes or issues with your return could cause delays. We wish you luck in receiving your refund soon!
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Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.
