Once your refund is available, Chime will send you a text alert and email. You then input your Chime Checking Account number and corresponding routing number, and that’s it!įrom there, you just have to wait for your refund to show up in your account. If you’re a Chime member, you can choose “direct deposit” on your tax return software. Contribution to HSA, Archer MSA, or Coverdell ESA.Contribution to a traditional IRA, Roth IRA, or SEP-IRA.Deposit into TreasuryDirect online account.Prepaid d ebit card holding the value of the refund.Direct deposit (can be split among three separate financial accounts).While direct deposit is the most popular, there are several ways to receive your tax refund: When e-filin g, you’ll indicate how you want to receive your payment. To e-file, y ou can file online through reliable websites like TurboTax, TaxAct, or E-file or through the IRS Free File tool. Depending on your financial institution, your waiting time may vary. A lthough direct deposit i s f aster, you should still expect to wait a few extra days for the funds to be available in your account. I f yo u want y our money faster, e-filing and choosing direct deposit is the way to go. Receiving your refund as a paper check will s low down the process. According to the IRS, ² paper tax returns are mailed out within six to eight weeks, while those filed electronically will be issued in less than three week s – e ven faster if you choose direct deposit. This will only confuse the IRS and delay your refund even longer.If you e-filed your return, you can expect to receive a refund through direct deposit faster t han if you mailed in your tax documents. Also, don't file a second return or an amended return for 2021. The IRS is already behind on opening and answering paper correspondence, and your letter will just fall to the bottom of the pile. If your representative happens to sit on the House Ways & Means Committee, that's a plus.Ī couple of things you should not do: Don't write to the IRS regarding your late tax refund. Much of it depends on how helpful and knowledgeable the congressional aide answering the phone is on this topic. This might sound like a long shot, but we've heard from some people who had success doing this. Unfortunately, TAS can't assist with delayed refunds in most situations, but this is an instance in which it can still be of help.Īnother suggestion is to contact your congressional representative. If you've contacted the IRS about your delayed refund with no results, and not having the money is causing you a financial hardship, you can try calling the IRS's Taxpayer Advocate Service. Tax Changes and Key Amounts for the 2022 Tax Year The IRS says it will get through its backlog of unprocessed returns by year-end, but this isn't much relief to people who are still awaiting tax refunds on their 2021 returns that they filed months ago. Refunds on paper-filed returns, which the IRS usually pays to filers within six to eight weeks in normal years, are taking four months or longer to be paid. And there are very, very long waits for tax refunds. ![]() Of these, 1.8 million returns require special handling, such as error correction, and 8.4 million are paper 1040s waiting to be processed and reviewed. As of July 29, it had 10.2 million unprocessed 2021 individual returns. The bad news is that the IRS still has a backlog of millions of unprocessed 2021 returns that were filed this year, the vast majority of which are paper-filed returns. As of this summer, the IRS finished processing all individual returns it received in 2021 that had no errors, including 2020 e-filed and paper forms. As of June 25, 2021, there were 16.7 millforms that still required manual processing. Agency statistics from 20 demonstrate the forward movement made by the IRS. The good news is that the IRS has made progress on its processing of returns, in part because it went on a hiring spree and shifted current personnel from other areas to assist with the backlog. The Inflation Reduction Act and Taxes: What You Should Know
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