2023 IRS Tax Refund Calendar – When Will You Get Your IRS Tax Refund?

2023 IRS Tax Refund Calendar – When Will You Get Your IRS Tax Refund?As we approach March, the 2023 tax filing season is already in full swing. If you’re among those who haven’t filed their tax returns yet and are curious about how long it will take to receive your refund, you’re not alone. In fact, one of the most common questions we receive year after year is: “When will I get my tax refund?” While the exact answer can’t be provided, we can offer a reasonably accurate estimate based on certain factors.

2023 IRS Tax Refund Calendar – When Will You Get Your IRS Tax Refund?

If you’ve experienced significant changes in income, had a child, gotten married or divorced, retired, purchased a house, made changes to your investments, or undergone any other major life events, it’s highly recommended to seek the guidance of a tax professional, such as a Certified Public Accountant (CPA) or Enrolled Agent (EA). They can ensure that you comply with tax laws and take advantage of any new changes that may benefit you.

The good news is that the IRS has been processing tax returns faster this year compared to the past few years when it faced challenges related to the pandemic. Fortunately, most of the tax-related issues caused by the pandemic won’t impact taxpayers this season.

It’s important to note that the tax deadline for this year is April 18, 2023, rather than the usual April 15. As the deadline approaches, the IRS tends to face a surge in the number of tax returns, which can result in delays. If you are unable to file your taxes by April 18, keep reading below for information on how you can file an automatic extension, granting you an additional six months to file.

The Tax Deadline is April 18, 2023?

The reason the 2023 tax deadline is April 18 instead of April 15 is due to specific circumstances. Since April 15, the regular deadline, falls on a Saturday, the IRS moves the deadline to the next business day. However, in this case, that Monday happens to be April 17, 2023, which is Emancipation Day, a recognized holiday in Washington, D.C., where the IRS is headquartered.

Additionally, April 17 is Patriot’s Day, a state holiday observed in Maine and Massachusetts. Consequently, the deadline for filing federal income tax returns, typically Form 1040, will be Tuesday, April 18, 2023. Most states generally follow the same calendar for state income tax returns.

Depending on when taxpayers file their returns, it is common for them to receive their federal tax refund payment, whether it’s in the form of a check or direct deposit, within a span of 2-3 weeks.

The IRS Started Accepting Returns on January 23

As predicted back in October 2022, the IRS has confirmed that it will begin accepting tax returns on January 23, 2023. For early tax filers anticipating a refund, it is possible to receive the refund as early as mid- to late February without resorting to expensive “tax refund loans” or similar products.

The IRS states that most tax refunds filed electronically are directly deposited into taxpayers’ bank accounts in as little as 10 days. However, it’s important to note that taxpayers claiming the Earned Income Tax Credit or Child Tax Credit may experience a delay of approximately one month as the IRS verifies eligibility for these credits.

If your IRS income tax refund is delayed after filing, you can check the status of your refund using the “Where’s My Refund?” tool on the IRS website or by downloading the IRS2Go app. It’s advisable to e-file your tax return as soon as you have all the necessary tax documents (such as W-2s, 1099s, mortgage and student loan interest statements, etc.) since e-filing generally results in a faster turnaround time.

Several factors can influence the timing of a taxpayer’s refund, including the early filing of the return, the inclusion of certain credits (especially EITC and CTC), whether the return is e-filed or sent by mail, and whether the taxpayer has outstanding debts to the federal government.

Please refer to the chart below for estimated refund dates. If the IRS announces any changes in the spring, we will update the chart accordingly. It’s essential to remember that this chart provides an estimate and individual taxpayers may experience variations due to their specific tax returns and circumstances. The first column represents the date when the IRS “accepts” your return, which typically occurs 2-3 days after electronic submission. Mailing a paper return can result in an additional delay of a few weeks at the beginning of the process, as the IRS needs to manually enter the information into their computer systems.

Estimated 2023 IRS Income Tax Return Chart

Returns with EITC or CTC may have refunds delayed until March to verify credits.

Filing during peak season can result in slightly longer waits.

Important Notice: If you choose to file your tax return electronically using an online tax program or preparer, the IRS will inform you of the actual acceptance date, which is typically 1-3 days after you click the “file” or “submit” button. Please use this acceptance date as the reference on the left side of the provided chart.

Taxpayers who opt for mailing a paper version of their income tax return should anticipate a delay of at least 3-4 weeks at the beginning of the process. This is because the return must be manually entered into the IRS system before it can be processed.

For your safety and peace of mind, consider hiring a professional such as a Certified Public Accountant (CPA) or Enrolled Agent (EA). They can provide an estimated date for your tax refund and ensure that your taxes are accurately and legally filed.

There are also various apps available for Apple, Android, and other devices that can help you track the status of your refund.

Additional Information: Generally, the IRS states that returns with refunds are processed and payments issued within 21 days, often even quicker, sometimes as fast as 10 days. However, for those filing on paper, the processing time can be significantly longer. The IRS and tax professionals strongly encourage electronic filing.

What if You Can’t Meet the April 18 Income Tax Filing Deadline?

Taxpayers who lack all the necessary documentation to file their taxes can easily request an extension by filing “Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return” (link to IRS Form 4868). This extension grants taxpayers until October 17, 2023, to file their federal tax returns. No reason or excuse is required to obtain this automatic extension. Please check the extension rules specific to your state, as the extension deadline may differ from the federal return extension date.

Please note that if you anticipate owing taxes with your tax return, it remains your responsibility to make the payment by April 18, 2023, even if you have requested an extension to file. A tax professional can assist you with this payment process. However, those expecting a refund typically only need to submit the extension request by April 18, 2023. This task can be performed by any tax professional or most do-it-yourself tax programs available.