With the tax filing deadline behind us, many people are now beginning to wonder when they will receive their tax refund. The average time to receive a refund can range from three weeks if you electronically filed your return, to up to eight weeks if you paper-filed your return. The Internal Revenue Service (“IRS”) has created an easy-to-use tool that allows taxpayers to track the status of their returns.
The refund status tool can be found at this link. To use it, simply click the “Check My Refund Status” button. You will be prompted to enter the following information:
- The Social Security Number you used to file your return.
- Your tax return filing status, as indicated on your tax return.
- The exact dollar amount of the refund shown on your tax return.
After entering this information and clicking “Submit,” you will arrive at a page indicating one of three refund status categories:
Return Received: If your status is “Return Received,” then the IRS has received your return and is currently processing it. Once received, your return will remain in this status for approximately one week if you electronically filed, or longer if you filed your return on paper.
Refund Approved: If your status is “Refund Approved,” then your return has been received and processed by the IRS and they are preparing your refund.
Refund Sent: If your status is “Refund Sent,” then your refund has been issued by the IRS. At this point, you will generally see your refund directly deposited into your bank account within a few days, depending on your banking institution. If you elected to receive your refund via check, it may be several weeks before you receive the refund check.
Most state governments also have a refund status tool. You can find these tools on the individual state’s Department of Revenue website. South Carolina’s refund status tool can be found at this link.
Our BPS Tax Advisors are available to answer any questions you may have regarding your refund.