Whether the taxpayer has existing debts to the federal government.Whether the return is e-filed or sent by mail.If the taxpayer is claiming certain credits (especially EITC and CTC).Several factors can determine when a taxpayer may receive their tax return, including: So it’s a good idea to e-file your tax return as soon as you have all of your tax documents (like your W2, 1099s, mortgage and student loan interest, and other items). Most Americans who are expecting an income tax refund receive it by direct deposit in as little as 2 weeks, although it can take longer during the peak of the filing season, which starts in late March. Or download the IRS2Go app to check your refund status. If your IRS income tax refund is delayed after you’ve filed, ask your tax professional, or simply use the “ Where’s My Refund?” tool on the IRS website. The below chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on the information we have now, and using projections based on previous years- and depending on when a person files their return. However, taxpayers with the Earned Income Tax Credit or Child Tax Credit generally have their refunds delayed by about one month while the IRS confirms eligibility for these credits.Īlthough the last two tax filing seasons were significantly impacted by the Covid-19 pandemic, and the IRS extended both deadlines, the IRS is not expected to extend the tax filing deadline for 2023. So, early tax filers who are a due a refund can often see them as early as mid- or late February. If major new tax legislation is passed at the end of the year, however, this could push the start of tax season back by a week or two. The IRS usually starts accepting tax returns during the last week of January. When Will the IRS Start Accepting 2023 Tax Returns and Issuing Refunds? As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns.ĭepending on when a taxpayer files, they can often receive their tax refund payments (check or direct deposit) within only 2-3 weeks. However, that Monday, April 17, 2023, is Emancipation Day, a holiday recognized in Washington, D.C., where the IRS is headquartered.Īpril 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. When the deadline falls on a weekend, the IRS moves the deadline day to the next business day. Why is the 2023 tax deadline April 18 instead of April 15? Because April 15, the standard deadline, falls on a Saturday. For clarification, the weeks leading up to the April 18, 2023, deadline is when Americans file tax returns for income they received during the 2022 calendar year, or they can file an automatic extension, which gives them an additional six months to file. ![]() Most individual taxpayers won’t have such issues for this tax season. ![]() ![]() These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly. The pandemic also ushered in many tax credits and deductions for businesses, as well as stimulus payments for most Americans. Will the 2023 tax filing season be normal? It will likely be closer to normal than it has been since 2019, the last tax filing season before COVID-19 caused widespread office closures, even at the IRS, which delayed the 2020 tax filing deadline by several months. Even if you can’t reach one until early January, such a professional can still offer valuable advice that can make a real different on your taxes. If you’ve had major income changes this year, had a child, got married or divorced, retired, bought a house, or changed investments, or made any other really significant life changes, you should definitely seek the advice of a tax professional like a CPA or EA before the end of the year.
0 Comments
Leave a Reply. |