Home  /  Personal Finance  /  Important things to know about tax refund schedule

Important things to know about tax refund schedule

Important things to know about tax refund schedule

Remember that, when you are planning to use your refund, it would take few days for the IRS to deposit your refund in the bank account or it will take several days for the check to arrive by mail. It has sometimes even extended the time period to 5 additional days for the fund to become available. In most cases, the refund will be directly deposited to your account more quickly than 5 days, and in certain cases, it will be available even before that or immediately.

Best way to get you tax refund:
You get to choose among three options from the IRS for receiving your refund. You can get it in the form of direct deposit. If you are expecting for a huge amount, you can split your refund and have it deposited in three banks. You can ask for a paper check to be sent to your home or you can choose to buy US savings bonds with your tax refund. You may also save it up for the future taxes owed. This is a the most welcomed method used by those who require paying estimated taxes, largely small business owners. Of all the three options available to you, the direct deposit to the bank is the quick and safest option.

Tax refund schedule for extensions and amended tax returns:
Even if you have filed for a tax refund before the deadline or have filed for a tax extension, the refund schedule will be the same for both the cases. However, there is no official schedule for tax refunds and amended tax returns. The schedule calendar includes the dates only for e-filing an original return and the amended tax returns are processed manually. The amended tax returns take few days longer to process say somewhere between 8 to 12 weeks and if you haven’t received an amended tax return refund with 8 weeks after you file it, then you should contact the IRS authorities or IRS website to check your status.

How to check refund status:
Once the IRS has received your tax refund through e-file, you will be sent an conformation mail or form from them after which you can easily access and check your tax refund status from their website. You will have to wait at least for 3 weeks if you had sent the tax return by mail. The best way to check the federal tax refund status is to click on the “where’s my refund page” at the IRS website, and if you haven’t received any notification on your tax returns, you can call the IRS customer service representatives and inquire about your tax returns. Make a note that the IRS updates tax returns only once in a week, particularly on Wednesdays.