Understanding when the Internal Revenue Service (IRS) updates refund status is crucial for individuals who are eager to know when they will receive their tax refunds. However, as of my knowledge, specific dates or times for IRS refund status updates for the year 2023 are not available. Nonetheless, based on previous years, we can extrapolate some general timelines and practices.
General Timeline
Once you file your tax return, the IRS generally takes about 21 days to issue a refund if you filed electronically, and longer if you filed a paper return. However, this is just a guideline, and the actual time can vary depending on the specifics of your tax return and whether the IRS needs more time to verify the information.
“Where’s My Refund?” Tool Updates
The “Where’s My Refund?” tool on the IRS website is the official platform for taxpayers to check the status of their federal tax refunds. This tool is updated once every 24 hours, usually overnight, so checking it more than once a day will not yield different results.
Here’s what the statuses mean:
- Return Received: This means that the IRS has received your tax return and it is being processed.
- Refund Approved: This status update means that the IRS has processed your return and your refund has been approved.
- Refund Sent: This final status update means that the IRS has sent your refund to your bank via direct deposit, or mailed a check if you opted for this method.
Potential Delays
Several factors can delay the processing of your return and the issuing of your refund:
- If you claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS is required by law to hold your entire refund until mid-February. This might delay your refund longer than the typical 21-day period.
- Returns with errors, incomplete information, or those affected by identity theft or fraud may require additional processing, which will delay the refund.
- Returns sent by mail naturally take longer to process than those filed electronically.
Conclusion
While the IRS typically updates refund statuses once every 24 hours, various factors can affect when you receive your refund. Always ensure that all information on your tax return is accurate to avoid unnecessary delays. Please note that all information provided in this article is based on my knowledge. Always refer to the official IRS website for the most accurate and up-to-date information.
