When Will I Receive My 2017 Tax Refund?
Filing your tax return can be a stressful experience, but the anticipation of receiving a tax refund can make it all worthwhile. However, the process of receiving your tax refund can sometimes be confusing, leaving you wondering when exactly you can expect that much-needed money in your bank account. Here is a breakdown of the timeline and some frequently asked questions regarding the 2017 tax refund.
The first step in receiving your tax refund is to file your tax return. The deadline for filing your 2017 tax return is usually April 15th, but it can be extended to October 15th if you file for an extension. Once your return is filed, the Internal Revenue Service (IRS) begins the process of reviewing and processing it.
The IRS typically issues most tax refunds within 21 days of receiving your return. However, this timeline can be prolonged if there are errors or discrepancies in your return, or if it has been selected for further review. In some cases, the IRS may request additional information or documentation, which can further delay the refund process.
It is important to note that filing your tax return electronically can significantly expedite the refund process. E-filing allows for faster processing and reduces the chances of errors in your return. Additionally, choosing to receive your refund via direct deposit can further speed up the timeline, as it eliminates the need for a paper check to be mailed.
Now let’s address some frequently asked questions about tax refunds:
1. How can I track the status of my refund?
You can track the status of your refund using the “Where’s My Refund?” tool on the IRS website. This tool provides real-time information on the progress of your refund.
2. Can I get my refund faster?
If you need your refund urgently, filing your tax return electronically and opting for direct deposit is the fastest way to receive your refund. Paper returns and checks can take significantly longer.
3. What if I make a mistake on my return?
If you realize you made a mistake on your return, you can file an amended return using Form 1040X. However, this may delay your refund as the amended return goes through a separate review process.
4. Can I receive my refund on a prepaid debit card?
Yes, the IRS offers the option to receive your refund on a prepaid debit card. You can choose this option when e-filing your return.
5. What if I owe taxes from previous years?
If you owe taxes from previous years, the IRS may use your current year’s refund to offset those debts. This can result in a reduced or delayed refund.
6. Can I split my refund into multiple accounts?
Yes, you can split your refund into up to three different accounts. You can choose this option when e-filing your return.
7. What if I haven’t received my refund after 21 days?
If you haven’t received your refund after 21 days, you can contact the IRS to inquire about its status. It is advisable to have your tax return information handy when contacting them.
8. What if my refund is larger than expected?
If your refund is larger than expected, it may be due to additional credits or deductions you were eligible for. It is always a good idea to consult a tax professional to ensure you are taking advantage of all available tax benefits.
In conclusion, the timeline for receiving your 2017 tax refund is typically 21 days from the date of filing. However, various factors can influence this timeline, such as errors in your return or the need for further review. By filing electronically and opting for direct deposit, you can expedite the refund process. If you have any concerns or questions about your refund, it is best to consult with the IRS or a tax professional for guidance.