What is a tax refund? A\u00a0Federal tax refund\u00a0<\/a>is basically a refund from the IRS because you paid more in taxes than you owed for the year. This can happen if too much money is withheld from your paychecks (called\u00a0withholding tax<\/a>) and it adds up to more than your total tax liability for the year.<\/p>\n You can control your tax refund amount by\u00a0managing your withholding tax<\/a>\u00a0properly. In general, the more money that is withheld from your wages throughout the year, the greater your\u00a0tax refund<\/a>\u00a0may be because you\u2019ve essentially overpaid the IRS.<\/p>\n While everyone likes to get a tax refund, you should keep in mind that you\u2019re only getting back the money you earned that year. A tax refund is basically an interest-free loan that you gave to the IRS! On the other hand, if too little is withheld from your wages, you will likely owe more tax at the end of the year because you have underpaid the IRS. Additionally, you may be subject to penalties and interest charges for under-withholding.<\/p>\n For most taxpayers, it\u2019s recommended that you try to match your withholding tax as close to your actual tax liability as possible. While you cannot avoid withholding tax altogether, you can control the amount that is withheld from each paycheck when you fill out your\u00a0W-4 Tax Form<\/a>.<\/p>\n There are many taxpayers who, after filing their returns, ask \u201cWhere\u2019s my refund<\/a>?\u201d\u00a0only to find out that they aren\u2019t eligible for a tax refund. A tax refund is issued when the amount of income tax that you paid is more than what you actually owed for that year. Of course, everyone wants to get a tax refund \u2014 and while a refund is never guaranteed, there are some things you can do to better your chances of receiving a check from the IRS. The following tips can help you increase the odds of getting a tax refund and avoid confusion over the \u201cwhere\u2019s my refund\u201d question.<\/p>\n Don\u2019t wait until the last minute to prepare your taxes and\u00a0file your income tax return<\/a>. If you\u2019re pressed for time and you rush through the filing process, you could end up making mistakes that cost you a tax refund. Additionally, taxpayers who submit their returns at the last minute (on or near the April 15th deadline) should be prepared for a longer wait. The longer you wait to file, the longer it will take the IRS to process your return and you may be left wondering \u201cwhere\u2019s my refund?\u201d Additionally, if you file a paper tax return, you should be prepared for a longer wait than if you\u00a0e-file your tax return<\/a>.<\/p>\n Make sure you are withholding enough on your W-4 Tax Form (Federal Employee\u2019s Withholding Allowance Certificate), as well as from your state taxes during the year. Although it sounds simple enough, many taxpayers overlook this factor and just end up asking \u201cwhere\u2019s my refund?\u201d Whether you work for a company or you\u2019re self-employed, you are in charge of paying your taxes as the year goes by. Employees may want to adjust their withholding if they have owed additional money in the past, but would like to get a refund the next year. Those who are\u00a0self-employed\u00a0should concentrate on calculating and remitting their\u00a0estimated tax\u00a0payments<\/a>. While under-withholding can leave you with little (or no) tax refund, over-withholding can be unfavorable as well. Over-withholding taxes to receive a large tax refund is not recommended since you\u2019re basically recovering money that you could have been using (and earning interest on) during the year.<\/p>\n Take advantage of any\u00a0tax credits<\/a>\u00a0and\/or\u00a0tax deductions<\/a>\u00a0that you qualify for. If you don\u2019t claim the available benefits, you will end up paying more taxes than necessary. Additionally, your chance of receiving a tax refund will decrease\u00a0\u2013 or may even disappear. You don\u2019t want to ask \u201cwhere\u2019s my refund?\u201d and then discover that you\u2019re not getting one because you failed to claim the tax breaks you are eligible for.<\/p>\n You have until April 15 (of the year in which you are filing) to make contributions to your Individual Retirement Arrangement (IRA). This means that any money you contributed during the tax year could help decrease your overall tax liability. It is always a good\u00a0tax strategy<\/a>\u00a0to focus on lowering your tax liability and keep more money in your pocket.<\/p>\n For many people, filing an income tax return can be complicated and confusing. Hiring a\u00a0professional tax preparer<\/a>\u00a0can help ease your mind and increase your chance of receiving a tax refund. A tax professional can help you understand how to decrease your tax liability within the limits of the tax code. However, once your return has been filed, the tax professional isn\u2019t going to know where your refund is. Instead, you will need to contact the IRS yourself (online, by phone, or via Smartphone) to check the status of your federal tax refund. In addition, the method you used to file your tax return can have an impact on the \u201cwhere\u2019s my refund\u201d question. If you filed electronically (\u201ce-filed\u201d) and chose the Direct Deposit option, you can expect to get your tax refund faster \u2014 usually within 21 business days after the IRS acknowledges receipt your return. On the other hand, if you mailed in a paper tax return and you\u2019re requesting a paper check, you will have to wait longer to receive your tax refund (possibly up to 8 weeks).<\/p>\n Receiving a tax refund is a great relief for many taxpayers, but this anticipated excitement can turn sour if your refund is delayed. There are many factors that can contribute to a\u00a0delayed tax refund<\/a>. Rather than wasting time and blindly asking, \u201cWhere\u2019s my refund?\u201d you should consider the potential reasons for the holdup. Many taxpayers pondering the \u201cwhere\u2019s my refund\u201d question do not realize that their tax return may be the problem. If there are any errors on your return, that will hinder your refund. Additionally, tax returns that are filed by paper and tax refunds that are requested by check generally take longer to process (than their electronic counterparts).<\/p>\n Here are some reasons why your tax refund may be delayed:<\/p>\n There are many people who mail in their tax returns instead of filing electronically. While it won\u2019t affect the amount of your tax refund, it will affect how long it takes the IRS to process your return. If you went to the Post Office to submit your tax return, you will likely have to wait six to eight weeks before being able to ask \u201cwhere\u2019s my refund?\u201d On the other hand, taxpayers who file electronically and choose the Direct Deposit option may receive their refunds in as little as three weeks. As a result, most people who e-file their taxes are able to avoid frustration over the \u201cwhere\u2019s my refund\u201d question.<\/p>\n RELATED: The Pros & Cons of E-Filing Taxes<\/a><\/p>\n If you\u2019re wondering where your tax refund is, double-check to see if you omitted any important information or made a mistake on your tax return.\u00a0 Any errors on your tax return will cause it to be processed slower. You may have to submit an amended return (IRS Tax Form 1040X)<\/a>, which will delay your refund even more. Make sure that your personal information is correct and your calculations add up before submitting your tax return. Otherwise, you will most likely have to contact the IRS to straighten things out.<\/p>\n Computation errors related to estimated tax payments, taxable income<\/a>, or withholding tax can delay processing and leave you wondering \u201cWhere\u2019s my refund?\u201d It is important to make certain that your tax return is 100% accurate and true. Every year, thousands of people make math mistakes on their tax returns, which makes it more difficult for the IRS to process their tax refunds.<\/p>\n If you are mailing in your tax return, it is essential that you send it to the proper address or you may find yourself asking, \u201cWhere\u2019s my refund?\u201d Remember that the IRS is a huge organization with multiple mailing addresses (depending on the type of tax form and the type of entity filing). Also note that your state tax return<\/a> must be sent to your state\u2019s revenue department, not the IRS. To avoid aggravation over the \u201cWhere\u2019s my refund\u201d question, double-check your return for errors and consider filing electronically for faster processing. It is also very important to make sure that the IRS has\u00a0your correct address on file, or the arrival of your tax refund will be delayed.<\/p>\n RELATED: IRS Mailing Addresses for 1040 Tax Returns<\/a><\/p>\n For taxpayers whose refunds were lost or stolen, they are not out of luck either. The IRS will help you obtain a replacement check if your tax refund has been verified as lost or stolen. However, don\u2019t jump the gun and assume that your check disappeared just because a few weeks have gone by. Keep in mind that many others are trying to find out where their refunds are too, and the Post Office can get extremely busy during tax season.<\/p>\n Every year, millions of taxpayers start to ask, \u201cWhere\u2019s my refund?\u201d Often times, people try to find out where their refund is before the IRS has had a chance to process their tax return. While everybody wants to receive their tax refund as quickly as possible, that doesn\u2019t always happen. Remember that you are not the only person waiting for a tax refund.<\/p>\n What method did you use to file your\u00a0personal income tax return<\/a>? How did you choose to receive your tax refund? The answers to these questions will help you solve the \u201cWhere\u2019s my refund\u201d issue. If you filed electronically and chose Direct Deposit, you can expect your tax refund faster (usually within 21 business days after the IRS receives your return). On the other hand, if you mailed in your tax return and\/or you\u2019re requesting a paper check, it is going to take much longer. This information can help you decide when it is time to dig deeper into the status of your refund.<\/p>\n RELATED: When Will I Get My Federal Tax Refund?<\/a><\/p>\n The IRS has an electronic system in place for taxpayers to check their Refund Status<\/a>. This is an online tool that can help you determine the status of your tax refund from the comfort of your personal computer.<\/p>\n The IRS offers a standard response to taxpayers who inquire about when they should expect to get their tax refund: \u201cThe IRS issues more than 9 out of 10 refunds to taxpayers in less than 21 days.\u201d This means that you will probably receive your federal refund within 3 weeks of filing your tax return.<\/p>\n If you file a paper tax return, the IRS will typically be able to issue your tax refund within 6 to 8 weeks after receiving your return. If you file your tax return electronically (also known as \u201ce-file\u201d), it will be processed faster in the IRS system, which means you can expect to receive your tax refund faster as well \u2014 usually within 3 weeks.<\/p>\n >> Start Your Free E-file<\/a><\/strong><\/p>\n To use the Where\u2019s My Refund system, you will need several key pieces of information from your personal income tax return\u00a0\u2013\u00a0this includes your\u00a0filing status<\/a>, Social Security Number, and the exact whole dollar amount of your tax refund. Without this information, you cannot use the Where\u2019s My Refund system to access your data and you will probably have to wait and hope that your tax refund arrives soon enough.<\/p>\n Another option for checking the status of your refund is to call the IRS Refund Hotline (800-829-1954). Make sure you are prepared to provide your Social Security Number (SSN), filing status, and tax refund amount (in exact whole dollars).<\/p>\n RELATED: Contact the IRS<\/a><\/p>\n If you have a smartphone, you may want to consider downloading the free IRS2GO<\/a> application. This application allows you to communicate with the IRS and check the status of your tax refund all from your mobile device. Apple customers can download \u201cIRS2GO\u201d from the Apple App Store. Android customers can download \u201cIRS2GO\u201d on the Android Marketplace. Note that you will need to enter your Social Security Number (SSN), filing status, and tax refund amount (in exact whole dollars) to access your information.<\/p>\nTips for Getting a Big Tax Refund<\/h2>\n
Tax Refund Tip #1: Plan Ahead<\/h2>\n
Tax Refund Tip #2: Check Your Withholding<\/h2>\n
Tax Refund Tip #3: Claim Tax Breaks<\/h2>\n
Tax Refund Tip #4: Maximize Your IRA Contributions<\/h2>\n
Tax Refund Tip #5: Hire a Tax Professional<\/h2>\n
Things That Can Delay Your Tax Refund<\/h2>\n
Reason #1: You Filed a Paper Tax Return<\/h2>\n
Reason #2: There\u2019s Missing or Incorrect Information On Your Tax Return<\/h2>\n
Reason #3: There Are Math Errors On Your Tax Return<\/h2>\n
Reason #4: You Mailed Your Tax Return to the Wrong Address<\/h2>\n
How to Track Down Your Tax Refund<\/h2>\n
IRS \u201cWhere\u2019s My Refund?\u201d Online Tool<\/h2>\n
Call the IRS to Check the Status of Your Tax Refund<\/h2>\n
Use Your Smartphone to Check the Status of Your Tax Refund<\/h2>\n