More taxpayers are expecting refunds since the American Rescue Plan expanded child-related tax credits. Optima Tax Relief provides tips on where and how to track your refund status.
The fastest way to check a refund status is through the Where’s My Refund? tool available on the IRS’s website. The tracking tool offers status updates including when the return was received by the IRS, when the refund was approved and when the refund was sent. Taxpayers who filed electronically can check the status of their refund within 24 hours of filing. Those who mailed a paper return can use the tool four weeks after mailing.
Most taxpayers will notice their refunds are issues within 21 days, but there are scenarios in which the process can take longer, including:
- The taxpayer claimed the Earned Income Tax Credit or the Additional Child Tax Credit
- The return requires further review by the IRS
- The return is incomplete or contains errors that need correction
- The return is fraudulent
- There is a bank delay
Taxpayers should be aware of refund myths and should rely on information relayed directly from the IRS or a reliable tax professional. Common refund myths include:
Taxpayers can expedite the refund process by ordering a tax transcript
Ordering a tax transcript will not quicken the refund process. This document will only show most line items from your originally filed tax return, along with supplemental forms and schedules.
Taxpayers can expedite the refund process by calling the IRS
The IRS is experiencing higher call volumes so taxpayers can expect longer wait times. The information provided by IRS personnel is the same information available online using the Where’s My Refund? tool. Taxpayers should take advantage of this free online tool for the fastest and most accurate information. Refund statuses are updated every 24 hours so taxpayers should use the tool once per day.
