Where is my tax refund? How to track it, and why it might not be as much as you thought
Your paperwork is in order, the numbers are all added up, you submitted your tax return to the IRS, and now... you wait. Where's your money?
Good news! It probably won't take that long. But for some of us it might not be as much as it was the year before.
Here's what you need to know.
When will I get my tax refund?
If you file electronically and opt for direct deposit, and there are no mistakes or red flags in your return, you should get your refund within 21 days, according to the IRS. (Refunds for e-filed returns are often faster than that.) Tax refunds going to direct deposit will arrive every business day, Monday through Friday, but not on weekends or holidays. Always check with your bank to make sure the money is actually available in your account.
"If you filed on paper and are expecting a refund, it could take four weeks or more to process your return," according to an IRS update posted online Jan. 30.
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How can I check the status of my tax refund?
Check "Where's My Refund?" on IRS.gov. Or you can use the IRS2Go mobile app.
You'll need to supply your Social Security or individual taxpayer ID number, filing status and the exact refund amount expected.
Both methods will show you when the return is received, when the return is approved, and when the refund is sent.
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As soon as your refund is processed and approved, your status will include an actual refund date. Accept it. "Calling the IRS won't speed up a tax refund," the IRS states.
When are my taxes due?
Federal income taxes are due April 18 this year, since April 15 is a Saturday and Washington, D.C. observes Emancipation Day on April 17.
If you need more time to get your paperwork together you can request an automatic six-month extension for an Oct. 17 deadline. But the extension is only for filing your return; if you owe any taxes you still need to pay the estimated amount by April 18 to avoid fines or other penalties.
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If you can't make the April 18 deadline: File an extension now. Here's what to know.
How can I tell if my tax return was submitted?
Several ways:
Use the IRS' Where’s My Refund tool
Call the IRS at 1-800-829-1040. There's an automated service. If you want to speak to someone you might want to have a book handy, wait times can be long. Have your Social Security, birthdate, filing status, previous year's return (if applicable), a copy of your latest return, and any prior communication with the IRS handy.
Check your email for status updates from whichever service you used to file
If you filed by mail, did you get tracking or delivery confirmation services? If so, you'll be notified when the IRS has received it. Otherwise, check the status online or call.
Why is my tax refund lower than I expected? Where's my money?
There are a couple of reasons why you might not be getting back as much money as you did the year previous.
First, did you owe money to a federal or state agency? The IRS checks, and may use part or all of your refund to pay it back. The IRS' Treasury Offset Program will let you know if they deduct anything. (Did they make a mistake? Call 1-800-304-3107 to see where the problem was.)
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Second, some tax credits for families that were expanded during the pandemic — the Advance Child Tax Credit (CTC), the Earned Income Tax Credit (EITC) and the Child and Dependent Care Credit — have reverted to pre-COVID levels.
The CTC is worth $2,000 for each qualifying child for 2022. A child must be under age 17 at the end of 2022 to be a qualifying child.
For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $560 for the 2022 tax year.
The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
Also, you may have been able to claim a Recovery Rebate Credit for stimulus payments the last two years, but that's gone now as well.
Some taxpayers will find their refunds "somewhat lower this year," according to an IRS alert.
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What do I do if I don't get my tax refund?
Contact the IRS with the methods above. If you log into your IRS account or check the Where’s My Refund page, verify the address there. Refund checks are mailed to your last known address so if you haven't updated that with the IRS or the U.S. Postal Service, your check might have gone to your old place.
If you move, submit a Change of Address - Form 8822 to the IRS or at least a Change of Address to the USPS.
What do I do if I lost my tax refund check?
If you filed as a single person, you can go to the Where's My Refund tool, call the automated system at 1-800-829-1954 or speak to an agent at 1-800-829-1040 to start a trace on it. If you filed jointly, you'll need to complete and file Form 3911, Taxpayer Statement Regarding Refund to get the process started.
If the check wasn't cashed yet, they'll cancel it and issue you a new one. If it was, you'll get a claim package with a copy of the cashed check. After you submit the claim, it can take up to six weeks to complete.
What if I was eligible for a refund but didn't claim it?
If you don't file, you don't get it.
Even if you're not required to file a return, you might want to if federal taxes are withheld from your paycheck. You also might qualify for the Earned Income Tax Credit, and you can still file within three years of the deadline to get that refund.
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Contributor: Susan Tompor, Detroit Free Press; Elisabeth Buchwald, USA TODAY
C. A. Bridges is a Digital Producer for the USA TODAY Network, working with multiple newsrooms across Florida. Local journalists work hard to keep you informed about the things you care about, and you can support them by subscribing to your local news organization. Read more articles by Chris here and follow him on Twitter at @cabridges
This article originally appeared on The Daytona Beach News-Journal: Tax refund: How to track yours, and why 2023's might be smaller
