It’s tax season, so millions of Americans will be working to file their tax returns and receive their tax refunds this spring.
Yes, but: The IRS has admitted that tax refunds can take some time because of delays, especially due to the COVID-19 stimulus checks and child tax credits given out in 2020 and 2021.
- “In many areas, we are unable to deliver the amount of service and enforcement that our taxpayers and tax system deserves and needs,” IRS Commissioner Chuck Rettig said, per Marca. “This is frustrating for taxpayers, for IRS employees and for me.”
Tips for quicker refunds: Per CBS News, there’s a quick way to get your tax refund as soon as possible:
- File your taxes as soon as you can through an online service — like IRS Free File or TurboTax.
- Request your tax refund be sent to your bank or online bank account.
- Make sure your return has no errors in it.
However: A number of companies — including TurboTax, H&R Block and Jackson Hewitt — offer advance loan services, which can give you refunds in advance as a type of loan, according to CBS News.
Timeline to consider: Per Bankrate.com, the length of time it takes to receive your tax refund could depend on when and how you file.
- Seven to 21 days — Anyone who files online and receives through direct deposit should expect their return in one to three weeks.
- Twenty-one days — Anyone who uses paper filing and embraces direct deposit.
- Forty-two to 56 days — Anyone who files through the internet or on paper and does a refund check by mail.