Ever wonder what happens to your federal tax return once you send it to the Internal Revenue Service? Generally, a tax return filed electronically with the direct deposit designation takes about 21 days from the time the IRS has accepted the return. A paper return takes the IRS about 6 to 8 weeks to process.
Once the return is in the hands of the IRS, you can begin checking the status by using the IRS’ Where’s My Refund? tool. For returns filed electronically, you can check the status within 24 to 48 hours of submission. If you filed a paper return, you will need to wait about 4 weeks to check the return’s status.
The IRS has three tax refund status categories:
- “Return Received” – typically with 24 to 48 hours of filing your return electronically
- “Return Approved” – after your return has been reviewed and approved, usually a few days depending on the complexity of the return, the status will state “Return Approved.” It’s at this step you will see a refund date.
- “Refund Sent” – the IRS has sent your tax refund to your financial institution for direct deposit. It can take between 1 to 5 days for your deposit to be applied to your account. If you opted for snail mail, your refund check could take several weeks to arrive.
Account On Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. If you have a personal tax or accounting need, contact us at (407)-892-1266 or visit us online at AccountOnUs.org to assist you in the right direction.