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IRS Refund Delay Update | Expected Tax Return Timeline

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IRS Refund Delay Update | Expected Tax Return Timeline

IRS Refund Delay Update | Expected Tax Return Timeline. Taxpayers who have chosen to file their tax returns electronically should be aware that the processing time for direct deposit returns might extend beyond the usual 3 weeks this year. Some individuals may experience a delay of 10 to 14 days in receiving their tax refunds. In this update, we provide insights into the expected timeline for IRS tax returns in 2023.

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IRS Refund Processing Time

According to the official Internal Revenue Service (IRS) website, approximately 90% of tax refunds for individuals who file electronically are typically issued within 21 days. However, around 10% of returns may face delays due to additional reviews.

For those who opt for paper filing, the process can take up to 6 months to receive a direct deposit. Consequently, most taxpayers choose electronic filing. If you’ve e-filed your return and haven’t received your direct deposit yet, you can easily check your refund status by visiting the IRS website.

Once your tax return is approved, direct deposits are generally sent within 10 to 14 days. The delivery of these deposits to your residential address typically takes a maximum of 7 working days after dispatch, although it can occasionally extend to 10 days. Stay tuned for more updates on the IRS REFUND DELAY.

If your direct deposit doesn’t arrive by the expected date after being dispatched, wait an additional two to three days. If it still hasn’t arrived, you can register a complaint by contacting IRS officials.

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IRS Refund Release Date

The 2023 tax season commenced on January 23, with the tax refund filing deadline extended to April 18 (from April 15). Taxpayers have the option to file their 2022 tax return on paper or electronically. The IRS guarantees that e-filers will receive their refund within a maximum of 21 days.

For e-filers, the tax refund is typically accepted and released via direct deposit within 14 days, followed by delivery to the residential address within 7 days. According to the IRS, if you file your tax refund on the 1st of a month, you can expect your direct deposit by or before the 21st of the same month.

While the IRS used to provide a schedule for electronic filers to estimate their refund arrival date in previous years, no such schedule has been issued this year. However, the IRS states that more than 90% of e-filers are likely to receive their refunds within just 3 weeks.

Paper Filing and IRS Tax Returns

If you choose to file your tax return on paper, be prepared for an extended processing timeline. The IRS has confirmed that it can take over 6 months to receive a direct deposit when filing on paper. If time is not a pressing concern, and you can wait for your tax return for an extended period, paper filing may be an option.

It’s important to note that electronic filers can check their refund status within 24 hours, while paper filers must wait approximately 4 weeks to track their tax return status.

Conclusion

In the case of tax refunds filed on paper, the acceptance process typically takes more than 4 weeks. Subsequently, several reviews may occur before the direct deposit is sent. In some instances, these reviews can significantly prolong the process, resulting in an 8-month wait for the paper refund.

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