Trying to figure out how much your tax refund will be and when your refund check will arrive? If you are planning to use the money to go on a vacation, or pay off some bills, don’t expect the IRS to send your tax refund this month. Taxpayers may have to wait until next month to file, and those who claim the tax credits noted below will have to wait longer than other for their refund.
So, when can you file your taxes, how much can you expect to get back (if you qualify for a refund), and when will your refund arrive if you file right away? Here are the answers to those questions, including information on how to get an estimate on your refund by using a tax refund calculator.
When will the IRS start accepting tax returns?
You can start e-filing your taxes as soon as you have all of the information necessary to file, including your W-2 or 1099 forms. However, it will be awhile before the IRS starts accepting and processing returns.
Last year, returns were accepted for processing on January 23, but the IRS has yet to confirm when processing will start this year. The Balance reports that taxpayers may have to wait until mid-February to file, with February 1 expected to be the earliest date that the IRS will start accepting returns.
How to estimate your tax refund
When your W-2 or 1099 arrives, you can plug the numbers into a tax refund calculator to get an estimate on your tax refund. Employers have until January 31, 2018, to send out your 2017 earnings, so keep an eye on your mailbox.
Turbo Tax and H&R Block have free tax refund calculators available for taxpayers, and you do not need to commit to using their service to e-file your taxes. To use the calculator, you will need your marital and filing status and some basic information about your income. Although it won’t be an exact figure, it will give you an estimate of what you can expect to get back (or pay).
When will refund checks arrive?
Once you filed your taxes and the IRS accepts the filing, your refund (by check or direct deposit) should be on its way within 21 days if you file electronically, or up to six weeks if you file a paper return by mail.
However, certain refunds will be held a bit longer, just like they did last year. According to the IRS, refunds going out to anyone who claims Earned Income Tax Credit (EIC) or the Additional Child Tax Credit can’t be issued before February 15, 2018.
Once your tax return is accepted, wait about a week and then head over to the Where’s My Refund tool on the IRS website. Enter the amount of your expected refund, your social security number, and your filing status to get the latest information about your refund status.