What is the Easiest Way to Receive a Tax Refund?

Every year, billions of US citizens submit a request for tax refunds from the IRS, and more than half of them suffer from rejections despite knowing how to get a tax refund.

This situation can be very irritating and stressful for a taxpayer because it may require lots of money and paperwork to deal with the problem. 

That’s why it’s really important to be very careful and to double-check everything when paying your taxes.

We’ve got the inside information on what you might not be aware of regarding tax refunds.

How to Get a Tax Refund

With a tax refund, it means getting your tax returns done accurately and on time, making sure that you’ve paid more taxes throughout the year than your actual tax liability.

Here’s how it works:

1. Gather Your Documents: Gather all the essential documents like W-2 forms from your employer(s), 1099 forms from other income sources, and all receipts or records for deductions and credits that you plan to claim.

2. Choose a Filing Method: You can choose either to file your taxes online or by mail. Electronic filing is normally rapid and can help in the reduction of mistakes.

3. Prepare Your Tax Return: Use tax preparation software, hire a tax professional, or just fill out the forms by yourself to do your tax return.

4. Submit Your Tax Return: If you are filing electronically, transmit your return through a recognized e-file provider. If filing by mail, you ought to send your return to the IRS address that matches your location.

5. Wait for Processing: Once you have made your submission, it takes the IRS some time to process it. You can follow the status of your refund by using the IRS’s “Where’s My Refund?” tool on their website.

6. Receive Your Refund: If you are eligible for a refund, the IRS will issue it to you.

Means of Receiving Your Refund

Here are your options for receiving your refund:

1. Direct Deposit: This is the quickest method. The refund will be instantly credited to your checking or savings, or your retirement account. 

2. Paper Check: We’ll send you a refund check by mail to the address that you have on your return form. Please let us know if you have moved .

3. Prepaid Debit Card: Inquire from your bank or card issuer to know if your card will be able to process direct deposits and which account details to use.

4. Mobile Payment Apps: Recently, some apps have started to enable direct deposits. Make sure if the app you want to install has this feature.

5. U.S. Savings Bonds: See if you are eligible for buying U.S. Savings Bonds with your refund money. This will be an opportunity for wise investment.

Can I Check the Status of My Refund?

Yes, to track your refund status, navigate to the Where’s My Refund site or download the IRS2Go app from the app stores.

You will need either your Social Security number or ITIN, your filing status and the anticipated refund amount.

Your status can be accessed in 24 hours of e-filing, and it will be updated daily.

When Do I Expect My Tax Refund?

Here’s when you can get a refund:

• If your return is e-filed, the processing time for your refund is up to 21 days.
• If you have filed by mail or submitted an amended return, please note that the processing time will take a bit longer and can be up to 4 weeks or more.
• Sometimes, your return may require an additional review or for you to make some corrections, which could extend the return time even longer.

However, your refund timeline may vary if you:

1. Claiming Tax Credits: If you claim certain tax credits like the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC), the IRS may need additional time to review your return. 

2. Paper Returns: Filing your return by mail instead of electronically can result in longer processing times. 

3. Amended Returns: If you submit an amended return to correct errors or update information from a previously filed return, the IRS will need to review the changes before issuing any refund.

4. Injured Spouse Relief: If you’re requesting injured spouse relief, which allows a spouse to claim their share of a joint tax refund that was offset to pay the other spouse’s past-due debts, it may take additional time for the IRS to process your return.

5. Nonresident Alien Returns: Filing a Form 1040-NR for nonresident aliens can also affect the timing of your refund, as these returns may require special processing procedures.

6. Errors on Your Return: Any errors or inconsistencies on your tax return can delay the processing of your refund. It’s important to double-check your return for accuracy before filing to minimize potential delays.

Can I Call the IRS About My Refund?

If you have inquiries about your refund, it’s best to call the IRS under specific circumstances. 

Wait until at least 21 days have passed since you filed electronically or six weeks since you sent a paper return. 

For individual federal return inquiries, dial 800-829-1040, available Monday through Friday from 7 a.m. to 7 p.m. Note that wait times, especially during tax season, can be lengthy.

Alternatively, you can schedule an appointment for assistance at your local IRS Taxpayer Assistance Center. 

Keep in mind that the IRS doesn’t handle tax-related questions via email.

Why is My Refund Less Than Expected?

Here are the reasons:

1. If the refund you receive differs from your expectations, it could be due to:

• Mistakes on your return have been rectified, and you will receive a notice outlining these adjustments. You can also find details in “Where’s My Refund?”
• Your refund might have been used to settle certain state or federal debts.
• If you filed jointly and your refund was applied to your spouse’s debts.

2. If your refund is missing or damaged, you can request a replacement check.

3. If you receive a refund you’re not entitled to, it’s important to return it promptly to the IRS.

4. If you receive a refund that you’re not entitled to, please return it to us promptly.

Getting a tax refund can feel like a little financial bonus. However, it’s worth considering whether it’s better to adjust your W-4 form to have the right amount withheld from your paychecks, rather than getting a refund.

If you’re consistently relying on that refund each year, it might be a sign that you need to create a solid financial plan.

Consulting with a financial advisor can give you insights into how taxes fit into your bigger financial picture.