How long does a Turbo Tax federal refund (via direct deposit) usually take?
Im a grad student, filed taxes via turbo tax- due to some bizarre extension given to the IRS to have time to update their equipment (or something like that), Turbo tax said that fed returns won't be processed till Feb 15 or so. Okay, my question is if it's accepted by the Feds by the 15th- how long after. show more Im a grad student, filed taxes via turbo tax- due to some bizarre extension given to the IRS to have time to update their equipment (or something like that), Turbo tax said that fed returns won't be processed till Feb 15 or so. Okay, my question is if it's accepted by the Feds by the 15th- how long after that am i likely to get my Federal refund? Days? Weeks?
Best Answer: First off to actually answer your question. you should have your refund by February 25th if you used Direct Deposit or by March 4th if you're having a paper check mailed to you. That's based on IRS Publication 2043 - 2011 IRS e-file Refund Cycle Chart. Click the link below to pull it up for yourself.
The key part of your answer - though
- is the word ACCEPTED. It may not have been sent to the IRS until after February 14th. but it's the Acceptance Date that makes all the difference.
There were three groups of individual income tax filers that were affected by the LAST MINUTE tax changes Congress made AFTER they came back from Christmas Break. The changes caught the IRS flat-footed and they had to have their programmers rewrite a BUNCH of code to allow for the changes. Unfortunately Congress has really gotten pretty LAZY in the last decade and they routinely wait until after the Christmas break to make tax changes. which really adversely affects everyone within the tax industry. But what can you do. I learned back in High School that the opposite of PRO is CON. so the opposite of Progress must be Congress!
Anyway the three groups affected were.
1) People who use Schedule A to itemized deductions, or
2) People who claim the Educators Expense, or
3) People who claim the Tuition and Fees Deduction.
These filers had to wait until AFTER February 14th before the IRS would even accept their returns.
Mike Womack, Sr. PartnerSource: answers.yahoo.com