Millions of American Taxpayers Waiting for Refunds
Tax season has come and gone in the United States, leaving millions of Americans eagerly awaiting their refunds. However, many filers are concerned that their deposits will be delayed, or worse, that they may never receive them at all. Here, we provide all of the information you need to know about when to expect your tax refund.
2023 Tax Return Dates
The Internal Revenue Service (IRS) never has an exact date for when tax refunds will be processed, as there are many factors involved in the process. However, there is some good news this year: the IRS has been working more quickly than in years past, so refunds should be arriving earlier than usual.
Tax returns for 2023 began being accepted in January, so those who filed early may have seen their returns as early as mid-February.
The Consequences of Filing Late
As one might expect, taxpayers who filed their taxes late will receive their refunds later than others.
For those who waited until March 27th to file, it may be June 7th before their refund is directly deposited, or a week later if they are receiving a check in the mail. For those who filed on paper, it typically takes 11 days after the return is accepted before the refund check is mailed out.
Who Has to Wait Longer?
Not everyone has to wait the same amount of time to receive their refund. Those who qualify for the Earned Income Tax Credit or the Child Tax Credit may see their refunds delayed by around a month while the IRS confirms their eligibility for those credits.