Receiving a tax refund can often feel like a much-needed financial windfall. If you’ve filed your taxes and are expecting a refund from the Internal Revenue Service (IRS), you’re likely eager to know when you’ll receive your funds. Understanding the IRS’s refund schedule can give you a clearer picture of when you can expect to see your refund deposited into your bank account.
The IRS issues most refunds within 21 days of receiving your tax return, although it can take longer in some situations, especially if your return includes errors or is incomplete. As for the specific day of the week you can expect to see your refund, the IRS typically deposits refunds into taxpayers’ bank accounts on Fridays. If Friday is a holiday, the deposit may be made a day or two earlier.
Here’s how it generally works: Once the IRS processes your tax return and approves your refund, you’ll receive a refund approval notice. Once approved, the IRS will then send the refund to the bank via direct deposit, which often happens on Fridays. If you’re set up for direct deposit, the funds could then take a few business days to appear in your account, depending on your bank’s policies.
There are several ways you can check the status of your refund:
- IRS2Go App: The IRS’s official mobile app, IRS2Go, allows you to check your refund status.
- Where’s My Refund Tool: You can also check your refund status online using the IRS’s “Where’s My Refund” tool.
- Phone: You can call the IRS’s refund hotline at 1-800-829-1954.
When using the app or online tool, you’ll need to provide your Social Security number or ITIN, your filing status, and the exact amount of your refund. The IRS updates these tools once a day, usually overnight, so you only need to check once a day.
Given the potential for policy changes, delays due to a high volume of returns, or other factors such as government shutdowns or public health crises, the actual deposit schedule may vary. It’s always a good idea to check the IRS website or consult with a tax professional for the most up-to-date and personalized information.