Posted byon February 3, 2015
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When filing tax returns, the second question everyone asks is “How long does it take to get my tax refund back?” Of course, the first question everyone asks is “How much is my refund?”
If you want to get your refund faster, opt for the direct deposit route. Not only will the IRS send your money earlier via direct deposit, but you’ll cut down on the mailing time too.
How long does it take to get your tax refund back? The IRS eliminated the refund schedules that were used in prior years for both direct deposit and mailed refunds.
The guideline the IRS is using in 2016 for filing your 2015 tax return is:
Don’t count on getting your refund by a certain date to make major purchases or pay other financial obligations. Even though the IRS issues most refunds in less than 21 days, it’s possible your tax return may require additional review and take longer.
Essentially, they’re saying most people will get their refunds in less than 21 days, but there won’t be any schedules they will follow this year.
The IRS provides these tips to tax preparers to get the fastest tax refund:
Delays. Every tax season since we’ve been tracking refunds has seen a delay of some sort. For updates on future delays, we’ll add them to the list of IRS tax refund delays.
Since this is first tax season that will include filing requirements for the new health insurance premium tax credit and the penalties for no health insurance, you’ll be waiting on a new 1095-A form to claim the health insurance premium tax credit. Usually new processes and forms mean a delay, but we will have to wait and see!
How long can the IRS delay your refund? See How Long Can the IRS Delay Your Tax Refund?
Share your results: How Long Did it Take to Get Your Tax Refund?