What Day of the Week Does the IRS Deposit Refunds?
If you are expecting a tax refund, then you may be asking the important question, “When does the IRS deposit refunds?” Generally speaking, you can expect the IRS to deposit your refund within 21 days after the IRS has accepted your return. The exact day of the week that your refund is processed may vary from person to person, but rest assured the money will arrive soon. Read on to learn more about how and when the IRS deposits refunds.
When Does the IRS Process Refunds?
The IRS begins processing tax returns towards the end of January, and as it continues to do so throughout the year, it will start sending out refunds on different days of the week. That said, some people may receive their refunds before others who have submitted their returns at the same time. Processing times vary on the complexity of the returns and the volume that the IRS is experiencing. In the recent past, most refunds have been issued within 21 days. However, those claiming certain credit or those needing to have income verified may have longer waits.
The Day of the Week Your Refund Is Deposited
As mentioned above, the day of the week your refund is deposited may vary from person to person, and it can depend on the type of refund. While the IRS works towards providing a faster experience for taxpayers, the IRS cannot guarantee any specific day of the week for when refunds are processed. Taxpayers that choose to have their refund deposited directly into their bank account will receive their money faster than those who choose to receive a paper check or dividend.
Taxpayers can track the status of their refund using the “Where’s My Refund?” tool on the IRS website. This tool will give you an estimated time of when you can expect your refund and it can also alert you to any delays.
In Conclusion
When the IRS begins to process returns, you can expect your refund to arrive within 21 days if there are no additional delays. Throughout the year, the IRS issues refunds on various days of the week, and the exact day can depend on the type of refund you are receiving and how you specified for the refund to be paid out. You can track the status of your refund and get an estimated date of when you will receive it by using the “Where’s My Refund?” tool on the IRS website.