The Internal Revenue Service processes tax returns quite fast, but how you file your return largely determines the duration. For most tax returns, the electronically filed ones are processed much faster. The IRS generally processes electronically filed tax returns in about 21 days and issue tax refunds right away. The length of time needed to processed mailed-in returns are as much as six weeks in most cases. Due to the processing times, we highly suggest filing taxes electronically as it will get your tax refund sooner. Besides, it’s a lot more convenient to file taxes electronically because it takes less time and effort. If there were anything wrong with your tax return, such as an error, the tax preparation software would notify you—this kind of gets in the way of amending your tax return at a later point in time.
Although it might cost to file taxes electronically, it’s a worthwhile investment, but most taxpayers are eligible for free file. As long as you don’t make above $72,000 and you’re not itemizing, you can file taxes for free through the IRS-approved tax preparation services, which have free file offers. This has been going on for a very long time so you don’t need to worry about your information. It’s just a way for the IRS to secure that taxpayers file their federal income tax returns.
As for when you will or should get your refund, here is how long the refund schedule generally takes after you submit your return to the IRS.
- 3 weeks for e-filed returns and direct deposit
- 4 weeks for e-filed returns and refund check
- 6 weeks for mailed-in returns and direct deposit
- 7 weeks for mailed-in returns and refund check
The above represents the most extended waiting times, so there is a high chance that your refund will arrive at your account or in the mail sooner. As always, you can check the status of your tax refund using the Where’s My Refund tool.
My refund status isn’t updated?
If you’re seeing your refund status not updated after a couple days, there shouldn’t be anything to worry about. Especially for the 2021 tax season as tax returns are processed at a slower pace due to COVID-19. If it has been more than a couple of weeks, it’s best to give the IRS a call to ask the whereabouts of your federal income tax refund.
I mailed my return but forgot to claim a credit
In situations where a taxpayer forgets to claim a tax credit or deduction or even report certain income earned, amending that tax return can help. Because the IRS doesn’t want to take more of your money or less of it, what you pay in taxes should be the right amount. When you amend your return, any tax refund you deserve or underpayments is fixed. You have three years to amend a return from the original filing date, so make sure to amend your return as soon as possible.
How to boost my tax refund?
To boost your tax refund, we first need to look at how tax refunds are calculated. As simple as it is, when you pay more tax than what you owed, you’ll get a tax refund. It’s as simple as that. So paying more in taxes mean getting a larger tax refund, but that isn’t the way to go. The only solid way you’re going to increase your tax refund is to claim the deductions and credits that are available to you.