Introduction
Tax season is over and now everybody is filing their repayable refunds from the overpaid tax through the year. If you’re one of those taxpayers who is looking for a complete guide to know how to check IRS (Internal Revenue Service) Refunds and wants to know when IRS Refunds will be credited to you by the authority then this blog is written for you to help you check your IRS refunds and get it soon.
IRS Refunds
Internal Revenue Service Refunds paid to you when your total payments are more than your total payable tax in a financial year and. Some people pay overtax to get benefited at the end of the year and can make payments from the refund money. Therefore it becomes necessary when you will get your tax refund from the IRS. As the IRS website suggests that refunds can take a long time to be credited to you, the wait becomes hectic, stressful and energy consuming worrying about the refund. Therefore here is the step-by-step process of how you can check your IRS refund and get repaid quickly.
How to check IRS Refunds?
The Internal Revenue Service (IRS) has directed a complete guide to taxpayers on how one can get paid with the tax refund in a timely manner. We have simplified the guide for your needs as per written below.
Step 1: Tracking your Refund Status
IRS has created a tool called Where’s My Refund on its official website irs.gov where you can track your refund status by simply entering your Social Security Number or Individual Tax Identification Number (ITIN) with status of tax filing and the exact amount of the refund claimed in the tax return.
Taxpayers can also track the IRS refund status via the official mobile application of IRS called IRS2Go app which can be downloaded from AppStore, Google Play or Amazon. In the IRS2Go app, all you need to do is check on the IRS2Go app within 24 hours after the IRS receives an e-filed tax return. In the case of mailing a paper filed tax return, IRS2Go app shows status of IRS refund four weeks after filling up.
Step 2: Time period of IRS Refund
IRS Refund status is updated more than once with the Where's My Refund tool on the official website every 24 hours usually overnight so that taxpayers need not to check status more often. Same with the IRS2Go app where you can check your federal income tax refund.
IRS advises the taxpayers to not call IRS call assistants for asking the status of their refund as they have the same information shown on the Where’s My Refund tool and IRS2Go app.
Step 3: Checking IRS Refund Payment
On Where’s My Refund tool, the payment of refund follows the three stages:
1. Return Received,
2. Refund Approved, and
3. Refund Sent.
In the process of getting a refund of overpaid tax, when a taxpayer files a return, the first stage called return received is shown on the Where’s My Refund tool. After reviewing the returns by approving error-free, complete, and not affected by identity theft or fraud, the IRS approves Refund which is the second stage. It means the IRS is ready to send the refund. Refund Sent is the third and last stage where the taxpayer got the refund as a direct deposit to the taxpayer’s bank account or directly to the mail via sending a check to the address used in the tax return.
Conclusion
Thus IRS refunds become some sort of income of investment nowadays where everybody gets it by the end of the year. So by knowing the exact time duration of how it is refunded to taxpayers and how one can easily get paid for the overpayment of tax, you need not to worry about the IRS refund.
Still if you have any kind of queries related to IRS refund or your federal tax return, you can contact our expert team of Virtue CPAs as we are a trusted tax professional team working towards giving additional support to our readers.
