You are not alone if you kind of dread tax season. But Federal Tax refund 2020 is an integral part of it. It is something to look forward to getting extra funds. Everyone has a different plan with their tax refund. Some want to travel; some want to save it for the future, some want to pay their education loan, thought a small part of it. But the essential thing is when will refund arrive. This is the question asked by many taxpayers around the states. Well, We have got a comprehensive answer for it. Let’s check it out.
When will My Federal tax refund 2020 will arrive?
This is the first question asked by a person who is done with tax filing. Well, it depends upon how you had submitted the tax return. If did it online, then after 24 hours, you can check the IRS official website. But if filed tax return via mail, then you need to wait for at least four weeks before you get your Tax Relief 2020. So, if you are planning to file via mail, think again. It will take four weeks, but if you do it online, you can check the status after only 24 hours. However, it is your choice how you want to do it.
Now, what are the things you will need to check the status? It is Social Security Number or Tin, the filing status and the exact amount you are expecting. The update will be daily so that you can check it every day. If you want to do it on your smartphone, then download the IRS2Go app. It is one of the easiest ways to do it.
Now, the average time for receiving a tax refund is around 21 days. Sometimes it can take approximately two months if you had done tax return filing via paper file or check in the mail. So, the ideal time frame is between 21 days to two months. If it is taking more than two months, then it’s better to contact the IRS for clarifying the situation. The quickest way is to E-file. You can expect to get a Tax Calculator or refund within one week to three weeks.
Why Is It taking so long?
So, here is something for those who are still waiting for 21 days. Now, sometimes IRS wants to do a review of your case to give you a refund. But as we said, wait for at least two months. You are checking the status as well. It is rare, but maybe in your documents, something wrong information was entered or a column was left blank. In this situation, the IRS will send you an alert with instructions for what to do? It is essential to process the return. Give them immediately additional information which they had asked.
But not every time something terrible has happened. Maybe there are reasons for it. If you had claimed a Child tax credit or earned tax credit, then the refund may get delayed. You should know about Protecting Americans From Tax Hikes(PATH) Act of 2015. If you have claimed these credits, then IRS Can Hold off your Tax Refund. However, you do not have to worry, if you did request when checking for tax refund 2020 status, you would see the alert. So, There is nothing to worry about.
If you are thinking of Calling IRS and directly asking, well then it may not be such a good idea. The reason is simple; it won’t help. Unless in the status, you are requested to contact the IRS, do not do it. The goal is simple; it won’t help you.
Now if you are wondering about the reason, It could be anything. As we said, maybe you filed something wrong, or maybe your bank information was incorrect. Whatever it is incorrect, you will receive an alert, Do, don’t be alarmed about it.
What if you are not Able to File Taxes By April 15?
This is something off-topic, but we wanted to give it to you. In case if you are not able to gather all the documents, need more time. You need to fill out an extension form 4868. Then you will be eligible to file tax return till October 15.
So, this was outpost on where is my federal tax refund 2020. The only thing you need to do is now to get all the necessary documents and ready to file your tax return.