Myth #1: All Refunds Are Delayed
The fact is most refunds, approximately 90%, will be delivered in what is considered the norm, around 21 days. If you are waiting for refunds related to the Earned Income Tax Credit (EITC), or the Additional Child Tax Credit (ACTC), you will have to wait at least until mid-February. In order to prevent refund fraud, other returns may also be held longer for review, for various reasons depending on the state.
Myth #2: Calling the IRS or My Tax Professional Will Provide a Better Refund Date
The most effective way to find out when you will get your refund is by going to the Where’s My Refund tool at IRS.gov or using the mobile app at IRS2Go Mobile App. These tools provide the most up to date information.
Also, contrary to popular belief, ordering a tax transcript will NOT help you get a refund date.
Myth 3: “Where’s My Refund,” Must be Wrong Because There’s No Deposit Date Yet
For early EITC or ACTC filers, the Where’s My Refund tool and the IRS2Go Mobile App will have updates about approximate refund dates after February 15. For these filers, deposits will not appear until approximately the week of February 27th at the earliest.
Also a heads up – President’s Day (Monday, February 20th) may delay processing by one day as it is considered a national holiday.
Tips on Using “Where’s My Refund”
You may use the Where’s My Refund tool and the IRS2Go Mobile App 24 hours after digitally filing, or four weeks after sending in a paper return. The tools will tell you give you one of the following statues: return received, return approved, and refund sent.
Need to Know More About Filing Your Taxes Early?
Have questions about your early filing in 2017 and beyond? PDM’s tax experts can help advise you on the best course of action. Contact us; with our years of technical experience, advanced training, and cutting edge technology, we are your financial partner.