"Where is my tax refund?"
Hi this is Matt Hylland with Hylland Capital management for our Ask a Financial Advisor Series.
As a reminder, this week we are looking at taxes, and what you need to know while filing your tax return. Yesterday’s topic covered reasons why your tax return may be lower this year. As a reminder, you can find previous episodes and transcripts in our archive section at hylland capital .com slash ask.
Today’s question is for those who have filed their taxes, but are still waiting on their refund.
The question is:
“Where’s my refund?”
Transcript - Where is My Tax Refund?
Once you submit your taxes, the waiting game begins. How long should you expect it to take to get your tax return back?
If you are receiving a tax refund, the larger refund will likely be from the federal government. We’ll cover when to expect your state refund in a minute.
This IRS says that it processes 90% of electronic federal tax returns in 21 days or less. So, if you have been waiting less than 3 weeks, be patient. If you filed your taxes on paper through the mail, you will have up to 8 weeks to wait.
This year was also made worse by the government shutdown, which was the longest government shutdown in history. This created a backlog of work at the IRS, and is still impacting returns today. So although you will likely still receive your refund in less than 3 weeks, it may not be as fast as last year.
It is also worth noting that if you claim the earned income tax credit, or the child tax credit, the IRS has said your return may be delayed this year, as those credit are the ones most commonly claimed in fraudulent returns.
24 hours after you submit an electronic tax return, or 4 weeks after you submit a paper return, you can find more exact date to expect your refund by going to www.irs.gov/refunds. You will need to know your social security number, your marriage status, and your refund amount to get a status update on your federal tax refund.
The answer on when to expect your state tax refund is not as easy. Some states such as California claim to handle many tax refunds in as little as 2 weeks, while states like Alabama, Pennsylvania, and Wisconsin warn that they may take up to 12 weeks. It has been my personal experience that state tax refunds usually take a week or so longer than federal returns.
Most states have a website devoted to checking the status of your tax return.
List of ‘Where is My Refund?’ Pages for Each State:
Click on your state below to go right to its refund tracker for state tax refunds.