Video: What Days of the Week Does the IRS Deposit Tax Refunds?
Updated for Tax Year 2014
Hello, I’m Jill from TurboTax with some important information about federal tax refunds.
There is no doubt that many taxpayers file their returns before the April deadline so they can get their tax refunds quickly. But remember, the IRS does need some time to process your tax return before it can issue the refund. And depending on how you file your return and the method of payment you request, the length of time between filing your return and receiving your refund can vary.
The IRS makes tax refund payments in three ways and allows you to choose the payment method on your tax return. You can request your refund to be direct deposited into a maximum of three checking or savings accounts or have a paper check mailed to your home. And although not as popular as the first two methods, you can even purchase U.S. savings bonds from the IRS with your tax refund.
In addition, TurboTax offers you the option of having your tax refund deposited directly to a reloadable prepaid VISA card -- without using a bank account or waiting for a paper check. You'll get your refund in as fast as 7 days when you e-file.*
*Update for 2014: The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2014.
Tax refunds are processed by the IRS two times per week. On the first day, the IRS only processes refunds that it will
make through direct deposit, and on the second processing day, the IRS mails all refund checks to taxpayers who don't choose direct deposit.
But this doesn’t mean your refund will be processed immediately after filing your tax return. When you mail your tax return, it takes approximately six weeks from the date the IRS receives it to process your refund, regardless of whether you choose direct deposit or a paper check. And if you e-file your return, the processing time is cut in half. Approximately three weeks from the date the IRS confirms receipt of your return you should see a deposit in your account or receive a check in the mail.
If you want to monitor the status of your refund so you know exactly when you’ll receive it, you can access the “Where’s My Refund” tool on the IRS website or call its Refund Hotline.
When you use TurboTax to file your tax return, you can also check your e-file status on our website, or use our mobile app to track your refund.
When using the IRS’s online tool, it isn’t necessary to check back every day. The IRS only updates your refund status information once per week on Wednesdays. If you e-file your tax return, wait at least 72 hours from the date the IRS confirms receipt of your return before checking your refund status, and at least three weeks if you mail the return instead.
Remember, there’s no faster way to get your refund than e-file with direct deposit. And TurboTax makes it easy.Source: turbotax.intuit.com