How long will your tax refund take and how much will you get back? The IRS started accepting returns on January 20, but refunds may take longer than normal this year. If you haven’t filed yet, get an idea of how much your refund check will be for with the tax refund calculator below.
Time to go shopping. Finally got my Tax Refund. Lol pic.twitter.com/EyH9aCYrLf
— allensherv (@allensherv) January 22, 2015
H&R Block and Turbo Tax both have free tax refund calculators available online. It is important to know your filing status, income, and your deductions, including the number of children you have. While you don’t need to know exact details because the calculators only give an estimate, the more information you have, the closer the estimate will be to your real refund amount.
According to a previous report from the Inquisitr, budget cuts within the IRS may cause refund delays this year. Refunds are normally issued within approximately 21 days if you use e-File, but you may have to wait a bit longer this year due to staff cutbacks within the IRS. Mailing your return in and requesting a paper check is the least speedy choice, slowing down your refund by several weeks.
“2015 budget cuts will mean… new taxpayer protections against identity theft will be delayed… at least 46,000 fewer individual and business audit closures…delays in refunds for some taxpayers.”
Once you file and the Internal Revenue Service processes your return, you can check the status of your refund online using the IRS’ Where’s My Refund tool. Taxpayers will typically see a status update within 24 hours after the IRS accepts your return or as long as four weeks after you mail in your tax forms.
To use the “Where’s My Refund” tool, enter your Social Security Number or Individual Taxpayer Identification Number, your filing status, and the exact dollar amount of the refund you are expecting.
An estimated refund check date will be visible on the site once you correctly enter your information. The date is subject to change, so check back once per week to see if the refund date was updated within 24 hours after your e-filed tax return is received by the IRS or four weeks after your tax forms are mailed in.