Anticipating Too Much Holiday Spending? Here’s the Day To Start Expecting 2023 Tax Refunds
If you’re one of the millions of American households that Deloitte estimates will spend an average of $1,455 on gifts this holiday season — and will need to figure out how to recoup that money — help is on the way. Tax refund deposits are never too far behind the end of the holidays, giving many people the buffer needed to pad bank accounts after splurging on gifts and seasonal fun.
In fact, according to CBS, three in four Americans get a refund every year – and depending on where you live, it could amount to thousands of dollars. There are a lot of factors that go into how big your check is, like how many withholdings you take out of your paycheck, deductions you qualify for and where you live. But there is one thing that’s pretty consistent when it comes to tax refunds: when checks will arrive.
According to CPA Practice Advisor, it can be as little as two weeks after you file and the IRS accepts your return. This year will be closer to “normal” for the tax filing schedule, per the site, after the past few years when the pandemic altered deadlines and led to many office closures, including for the IRS, which led to longer processing times.
For 2023, the standard tax filing deadline is April 18, three days past the traditional April 15 cutoff due to holidays. Though April 18 is the 2023 federal income tax date, most states follow suit with the date the IRS sets.
When To File Your Tax Return and When You Can Expect a Refund
But, if you want to get your tax refund early, timing is everything. The IRS will first start accepting returns on Jan. 23, 2023, and it’s ideal to file as soon as possible within that opening window (as well as avoiding the busy tax season in March), per CPA Practice Advisor. However, you must have all your documentation gathered in time — including W2s, 1099s, mortgage and student loan interest statements, etc. — in order to start the process.
Once you file, and assuming you have no qualifying situations like Earned Income Tax Credits or Child Tax Credits, which can delay processing as the government confirms eligibility, you should see your tax refund in about two to three weeks (or less). Returns involving the EITC or CTC may take longer to process.
The CPA Practice Advisor indicated that the general spread between when the IRS has processed your return and when direct deposits are issued (or paper checks mailed, one week later) is 11 days. Refunds will either be issued by a paper check that is mailed to you or a direct deposit if the IRS has your banking information on file. Those who e-file will see their returns processed more quickly.
Estimated 2023 IRS Income Tax Return Chart
|IRS accepts an e-filed return by:||Direct deposit sent (or paper checks mailed one week after):|
|IRS may start accepting tax returns by Jan. 23, 2023.|
|Jan. 23, 2023||Feb. 3|
|Jan. 30||Feb. 10|
|Feb. 6||Feb. 17|
|Feb. 13||Feb. 24|
|Feb. 20||Mar. 3|
|Feb. 27||Mar. 10|
|Mar. 6||Mar. 17|
|Mar. 13||Mar. 24|
|Mar. 20||Mar. 31|
|Mar. 27||Apr. 7|
|Apr. 3||Apr. 14|
|Apr. 10||Apr. 21|
|Apr. 17||Apr. 28|
|Apr. 24||May 5|
|May 1||May 12|
|May 8||May 19|
|May 15||May 26|
|May 22||June 3|
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