As we know that there’s always a silver lining to every cloud, the silver lining to the most intimidating task of preparing tax returns is the tax refund which soon follows it. Once you send your tax returns to the IRS, you probably become too curious about receiving your payment. If you are worrying about the 2017 tax refund schedule, you’ve clicked on the right article. Let’s check out when you can expect to get your money.
If you’ve been following the practices of IRS for a long time, you would definitely have an unclear memory of a tax refund schedule which it would publish every year. But that facility has been discontinued and now if you’re about to file tax return or you’re eager to know about your money, here’s what you need to know.
The tax refund schedule of 2017 – What you should know
You may not believe in this but this is absolutely true that the IRS wants to give you your money as early as it is possible for them. It has the goals of issuing the maximum refunds to taxpayers within 21 days, in case you’ve filed your return electronically. In case you had emailed your tax return, you will probably have to wait for some more time. The IRS will motivate not to even think of it until a month crosses.
Well, there are few other factors too which can make you receive your return a bit later. In case you’re someone who claims the Earned Income Tax credit, the IRS will not even think of releasing the refund until 15th February. It alerts that because of processing problems, you may or may not get your funds until 27th February and this alert is sent assuming that you had filed electronically. Such kind of inconvenience is caused as the IRS is trying to thwart different frauds and ID thefts which resulted from millions of dollars of claimed credits.
When can you predict a tax refund schedule?
Keeping in mind everything that is given above, when exactly can you predict a refund? There might be no such official schedule any longer but tax specialist and enthusiasts have designed their own schedules based on estimates and assumptions. This is a bit conservative assuming that:
- Electronically filed returns through direct deposit can get funds within 2 weeks
- Electronically filed returns with mailed refunds will get refunds in 3 weeks
- Paper filed returns through direct deposit can receive refunds within 4 weeks and
- Paper filed returns with mailed refunds can receive refunds within 5 weeks
Hence, if you wish to understand the nuances of tax refund, you can either seek help of an income tax consultant or be well-versed about the intricate details given above. For best and fastest results, go for e-filing your return and utilize direct deposit for the refund. Make sure the returns are error-free and complete as that will also help you avoid any delay. The deadline for filing tax returns is 18th April.