Tracking Your Tax Refund

Tracking Your Tax Refund

By: Stacey Nickens

There are many benefits to filing your tax return early. Namely, you are less likely to be the victim of tax fraud, and you are more likely to receive your refund quickly.

Once you have filed your 2021 return, you can check the status of your refund by using the IRS’s “Where’s My Refund” portal. E-filed returns will appear in the portal within 24 hours after your return is submitted. Mailed returns will appear in the portal within four weeks after your return is sent.

Within the “Where’s My Refund” portal, your tax return will appear as…

  • Received. This means the IRS has received your return and is processing your return. The portal may explain what the IRS is doing in processing your return.
  • Approved. This means the IRS is preparing to mail or deposit your refund. The portal will now show you when you can expect to receive your refund.
  • Sent. This means that your refund has been sent.

Direct deposit refunds can take up to five days before they are credited to your bank account. Mailed refunds may take a few weeks to arrive.

The “Where’s My Refund” portal is only updated once a day, so there is no need to refresh intraday to check for a new update.

You can access the “Where’s My Refund” portal by entering your Social Security number, filing status, and the exact amount of your refund.

Your refund amount can be find on Line 35a if you filed Form 1040, Form 1040-SR, or Form 1040-NR. Your refund amount can be found on Line 14a if you filed Form 1040-PR or Form 1040SS. Keep in mind that your actual refund may be different than the calculated refund on your return. The IRS will mail you a letter if they change your return and refund amount. The portal will also explain the reason for any refund changes.

Most federal refunds will be sent within 21 days of the return being filed. However, incomplete or incorrect returns are more likely to experience refund delays. Additionally, if you claim the earned income tax credit or additional child tax credits, your refund cannot be issued until March 1 or later.

All returns filed before July 1 will be available in the portal until mid-December. All returns filed after July 1, or returns where refunds were marked as undeliverable, will be available in the portal until you file your 2022 return.

If you amended your tax return, you can check the status of your refund using the “Where’s My Amended Return” portal. You will need your Social Security number, birthday, and zip code to access this portal. After being mailed, amended returns show up in this portal within three weeks. Amended returns are taking around 20 weeks to be processed.

Should you have any questions about your refund, reach out to the Elm3 tax team, and we may be able to assist you in navigating the refund process.

Source: Kiplinger
By Categories: Blog, TaxesPublished On: February 11th, 2022