IRS Sends 2020 Sax Refund: When, How to Check
IRS send 2020 tax refund: When, How to check . Photo: forbes

The IRS announced that they will automatically move the federal tax filing deadline from April 15 to May 17, giving taxpayers an additional month to file and pay 2020 income taxes.

When Will I Receive My Tax Refund?

The Where’s My Refund? the tool lets you check the status of your refund through the IRS website or the IRS2Go mobile app. If you submit your tax return electronically, you can check the status of your refund within 24 hours. But if you mail your tax return, you’ll need to wait at least four weeks before you can receive any information about your tax refund. Keep in mind that you can file your 2020 taxes starting in January.

In order to find out the status of your tax refund, you’ll need to provide your Social Security number (SSN), filing status, and the exact dollar amount of your expected refund. If you accidentally enter the wrong SSN, it could trigger an IRS Error Code 9001. That may require further identity verification and delay your tax refund.

Most taxpayers receive their refunds within 21 days. If you choose to have your refund deposited directly into your account, you may have to wait five days before you can gain access to it. If you request a refund check, you might have to wait a few weeks for it to arrive. The table below will give you an idea of how long you’ll wait, from the time you file, until you get your refund, according to SmartAsset.

Guides to check your 2020 tax refund status online right now

You need several things on hand to track the status of your tax refund: your Social Security number or Individual Taxpayer Identification Number, your filing status -- for example, single, married or head of household -- and your exact refund amount in whole dollars, which can be found on your tax return.

Using the IRS tool Where's My Refund, enter your Social Security number or ITIN, your filing status and your exact refund amount, then press Send. If you entered your information correctly, you'll be taken to a page that shows the status of your refund. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you'll need to enter the date you filed your taxes, along with whether you filed electronically or on paper.

There's also a mobile app, called IRS2Go, that you can use to check your tax refund status. The IRS updates the data in this tool overnight each day, so if you don't see a status change after 24 hours or more, check back the next day, Cnet wrote.

What is the IRS refund schedule?

IRS Sends 2020 Sax Refund: When, How to Check
Photo: nextgov

The IRS typically sends out refunds on a schedule. This schedule varies by the method you sent your return in, when you file, and what credits you claim. See an estimated schedule in the chart below.

Filing method and refund delivery method How long it takes to receive your refund from the time your return is accepted
E-file and direct deposit 1-3 weeks
E-file and check 1 month
Mail-in return and direct deposit 3 weeks
Mail-in return and check 2 months

What happens after I e-file?

After you submit your return with TaxSlayer, we time stamp your return and electronically send it to the IRS. Your return is now in the hands of the IRS. They typically take the next 24-48 to review your information to make sure it is correct. If your personal information matches their records and you haven’t taken any credits or deductions that require further review, they will accept your return. You should receive an email notification once your return is accepted. After you receive confirmation, you can expect to receive your refund based on the estimated schedule above.

What does it mean when my tax return is accepted?

When you receive confirmation that the IRS accepted your return, it means that they have reviewed your return, and it has passed their initial inspection. They verify your personal information and other basic items, like if your dependents have already been claimed by someone else. Then they have a few days to approve your refund. They will take a more in-depth look at your return and your history. After the IRS approves your return, they will fund your refund based on the schedule mentioned above, Tax Slayer cited.

Tips for Maximizing Your Tax Savings

  • A financial advisor can help optimize your tax strategy for your needs and goals. SmartAsset’s free financial advisor matching tool can pair you with up to three advisors in your area. Get started now.
  • When you’re filing your taxes, a tax filing service can make things easier. They can take a lot of the confusion out of the process for you and help you file a more accurate tax return. They can also help you find deductions or exemptions that you wouldn’t have known about on your own. Popular software choices include TurboTax and H&R Block.
  • If you find that you’re regularly receiving large tax refunds, this may mean that you’re paying too much in taxes in the first place. In that case, you may want to adjust the withholding amounts on your W-4 so you can keep more money throughout the course of the year. Big refunds are exciting, but why give the IRS a free loan?

How to inform the IRS you've moved

Once you've completed your change of address with USPS, you may also need to let the IRS know your new address -- especially if you haven't received the first stimulus check yet. The IRS says if you filed a 2019 tax return and didn't provide your direct deposit information, the payment will be sent to the address on file. However, if you've forwarded your mail, USPS will have the updated information to get your check to you.

If you haven't filed your 2020 taxes but plan to, use your new address. The IRS says it will update its records with your new address. If you're typically not required to file taxes and haven't received your first stimulus payment, you can still claim your payment as Recovery Rebate Credit on your taxes this year. (Here's how to file a tax extension if you won't be able to meet the May 17 deadline.)

If you already filed your taxes and didn't include your new address, you can notify the IRS of your address change by filling out Form 8822. You can also let the IRS know in writing "the address where you filed your last return" by giving your full name, your old and new addresses, your Social Security number, individual taxpayer identification number or employer identification number, and your signature. The IRS says you can also do this by phone, but it may request additional information. Note that it can take four to six weeks for your change of address to be processed by the IRS.

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