The IRS begins accepting federal tax returns from citizens in January, at least for online returns. But when do you start processing refunds? Fortunately, in the same season, while we know that the 2020 tax season was exceptional (due to the pandemic), so far the agency has not announced delays or delays in the processing of returns (or refunds). That leads us to wonder, what days does the IRS deposit in 2021? As long as you do not extend the deadline beyond April 15 and the offices are not congested as they did in 2020, the IRS will make refunds on the calendar days that we will show you below.
2020 was a difficult year and not only for the United States but globally. However, it cannot be denied that little by little everything begins to return to normal, including federal tax returns. Below, we’ll show you an estimated payment schedule that will allow you to determine which days the IRS deposits in 2021 and when you will receive your refund.
Typically, most Americans receive their income tax refund check two weeks after filing. The IRS’s preferred way to send the refund is by direct deposit. That is why you must keep your information up to date with the agency, especially your address and your bank account.
However, this two-week period could be longer if the taxpayer waits too long to file and reaches the peak of the tax season. In this case, the IRS will be working flat out, so refunds may be delayed.
Tip: If you have already filed your tax return and notice that your refund does not arrive, even after you have applied, make an appointment with a tax professional. We also recommend using the IRS tool “Where’s My Refund?” or, if you prefer, download the IRS2Go mobile application. This will allow you to check the status of your refund.
While it is true that the IRS usually takes only two weeks to send payments, you should know that several factors could affect the approximate day your refund will arrive. Everything will depend on:
- If you file your return online, using IRS tools, or by mail.
- If you have old debts with the IRS or with the federal government, especially tax.
- How early you file your federal tax return this year and if you file it jointly or individually.
- If you claim certain tax credits, (such as the Child Tax Credit and the Earned Income Tax Credit).
In short, each of these items could delay the arrival of your refund by 2-3 weeks, especially if you claim an earned income tax credit (known as EITC) or the child tax credit (CTC).
Now, this is not to say that you should choose to claim a standard deduction instead of using individual deductions. Ultimately, the reason for the IRS delay has nothing to do with the type of tax credit or deduction, but rather that taxpayers misuse them.
Remember that if you file your tax return online, either using a tax program or any other authorized software or platform, you will have to wait for the IRS to send you the date of receipt of the return.
Many taxpayers think that the time period for the refund begins to run from when they submit their return online, but this is not true. The IRS takes between one and three days to review and accept the return. This is the date that you should take into account when making your calculations and estimates.
Warning: If you choose to submit a paper version of your federal income tax return, you could face some delays. It generally takes the IRS 3-4 weeks to register the date of acceptance of the return in the system because it must process each envelope separately.
Recommendations to receive tax refund easily and quickly
One of the things that could speed up the arrival date of your IRS refund is hiring a professional. CPAs can process your tax return quickly, deliver it by the fastest route (which is electronic), and minimize tax and accounting errors. This will cause the agency to process it quickly and, therefore, receive your refund early.
How long could the IRS take? Well, more than you want. Even if your return is free of errors, it could take more than 21 days for the IRS to process your tax refund. That is why specialists recommend filing 2021 taxes electronically.
The last recommendation that we can give you is not to wait for the peak of the tax season. The faster you file your return, the more opportunities you will have for it to be processed quickly and to have your money back in your hands.