How to Check the Stats of Your Tax Refund
If you were relying on a tax refund to pay pending expenses, you’re probably impatiently waiting for your tax refund check to arrive. Many Americans begin spending their tax refund check before it arrives, but refunds can take several weeks to months to arrive.
If your tax refund check is delayed, you can take out a personal loan to cover expenses. Once your tax refund check arrives, you can use it to repay your personal loan. Just make sure your tax refund check covers the loan amount plus interest and any fees.
If you’re getting impatient for your tax refund check to arrive, here are a few ways to check the status of your refund.
Via the IRS Website
Visit the IRS website to get your tax refund status. They have a specific page dedicated to tax refunds.
You can call the IRS refund hotline at 1-800-829-1954. The number is toll-free.
Via the Mobile App
You can also download the IRS mobile app IRS2GO. It’s available for both Android and iOS devices.
You’ll need your social security number or ITIN, your filing status, and your exact refund amount to be able to check your refund status. Updates are made daily, usually overnight. Your status will be available 24 hours after you’ve e-filed, or four weeks after you’ve mailed your return.
Typical Wait Times
The IRS typically issues tax refunds within 21 days of receiving your electronic return. If you filled out a paper tax return and mailed it to the IRS for manual process, your expected wait time becomes six to eight weeks. Amended returns require additional time. Expect to receive your refund within eight to twelve weeks if you had to amend your return.
Why Was My Refund Delayed?
There are many reasons why the IRS could have delayed your federal tax refund. Some of the reasons include processing backlogs, incorrect bank information and manual verification.
It may take longer to receive your refund if you delayed filing. Tax refunds take longer to process when the IRS is busiest, typically towards the deadline. Paper filings can take even longer for the IRS to process when they’re backlogged.
Incorrect Bank Information
It’s easy to make mistakes when filling out a return. If the numbers you submitted in your tax return don’t match your bank account information there are two things that can happen.
The bank could refuse the deposit, and the IRS will send your refund via check. If the bank doesn’t refuse the deposit, the refund is deposited into the account you listed on your forms inaccurately. The tax refund would then sit in a pending queue until you act.
If your refund is delayed, review your bank information. If you made a mistake, contact the IRS immediately and request that your direct deposit be canceled, and your refund sent by check.
You could experience a delay if the IRS needs to manually verify your information. Manual verification requires more time, which is difficult during peak times for the agency. If your filing requires manual verification, your tax refund could be delayed.
Want to Check the Status of a State Tax Refund?
It’s much easier to check the status of a state tax refund today than in the past. Use the online refund status tools provided on each state’s website. Locate your state on the list and click on the link to be redirected to the state’s refund status tool.
What to Do if Your Refund is Late
If possible, it’s responsible to delay spending until your tax refund arrives. While learning you have money coming can be exciting, try to fight the urge to book a trip or make an expensive purchase until the money is deposited into your account.
If you find yourself in debt due to a late tax refund, a personal loan might help. Personal loans can be used to cover a wide range of expenses. You could borrow the funds you need, then repay your loan when your tax refund arrives. Like all forms of credit, personal loans come with interest and fees. Review the terms of your loan before borrowing.
This post is not intended to be a solicitation for a loan. Pomo One Marketing, Inc. provides these blogs for entertainment and informational purposes only. Remember to consider all your financial options before making any decisions related to credit.