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Calculating Amount and Delivery Time of Tax Refund

January 27, 2015  |   Tax Advice,Tax Tips   |   Tags: , ,  

After you have completed the tedious task of preparing and filing your tax return, you can only wait to receive any refund you’re due. Many times, a delay in seeing a tax refund worries taxpayers. Even though the IRS issues refunds within 21 days from the date of receiving the tax return, processing a return may take longer due to corrections. The IRS matches information it receives from taxpayers with that submitted by both creditors and third parties. This can lead to refund delays.

tax refund calculator

Along with knowing the date you will receive your refund, you also want to know the approximate amount you’re getting back. Many taxpayers depend upon their refund money to pay off debts and to make important purchases. Inquisitr shares the resources that taxpayers can use to calculate their refund amount, why there may be delay in the issuance of refunds, and how taxpayers can estimate the timeframe for getting their money.

“There are several free tax refund calculators available online. It is important to know your filing status, income, and your deductions, including the number of children you have. While you don’t need to know exact details because the calculators only give an estimate, the more information you have, the closer the estimate will be to your real refund amount.

“According to a previous report from the Inquisitr, budget cuts within the IRS may cause refund delays this year. Refunds are normally issued within approximately 21 days if you use e-File, but you may have to wait a bit longer this year due to staff cutbacks within the IRS. Mailing your return in and requesting a paper check is the least speedy choice, slowing down your refund by several weeks.

“‘2015 budget cuts will mean… new taxpayer protections against identity theft will be delayed… at least 46,000 fewer individual and business audit closures…delays in refunds for some taxpayers.’

The Opinionated Nation states that taxpayers who need their refund in a hurry should choose direct deposit or a prepaid Visa card for the fastest service. The aforementioned budget cuts may slow your refund down a bit, but the combination of electronic filing and direct deposit will be much faster than mailing the return in and waiting for a paper check.

“Once you file and the Internal Revenue Service processes your return, you can check the status of your refund online using the IRS’ Where’s My Refund tool. Taxpayers will typically see a status update within 24 hours after the IRS accepts your return or as long as four weeks after you mail in your tax forms.

“To use the ‘Where’s My Refund’ tool, enter your Social Security Number or Individual Taxpayer Identification Number, your filing status, and the exact dollar amount of the refund you are expecting.

“An estimated refund check date will be visible on the site once you correctly enter your information. The date is subject to change, so check back once per week to see if the refund date was updated within 24 hours after your e-filed tax return is received by the IRS or four weeks after your tax forms are mailed in.”