The Holidays are over, and the new year is in full swing. Taxpayers, you know what that means! Time to get your tax return into the IRS and if you’re due a refund, the sooner the better. The IRS will begin accepting tax returns the last day of January 2014, and it takes about 10 days to get your refund if nothing delays it. So, the earliest you should begin checking your IRS Refund Status for 2014 is around February 10.
That little part about a 10-day turnaround time stands on very shaky grounds, actually. The IRS doesn’t even make Refund Cycle Charts anymore, because the times vary widely. How long before you get your IRS refund depends on totally individual factors now. It could take 7 days or it could take 7 weeks. The IRS is under no strictures to issue your refund quickly. And these days they take all the time in the world because they are trying to combat identity theft and tax fraud.
What Your IRS Refund Status May Mean
But don’t panic if you check your IRS Refund Status in 2014 and it continues to say in process day after day. What’s more important is that the IRS acknowledges they received your tax return. If you filed electronically, you should have got an email shortly after filing, let’s say within 24 hours. It will come directly from the IRS, even if you filed through tax prep software or a walk-in tax preparation services company. This is the first step, since if they never got your return you’ll have to find out what happened…re-open your tax software account and check to see if you really did finish and file or something went awry at the end and it failed to transmit to the IRS.
But panicking if, upon checking your IRS Refund Status for 2014 you keep seeing that it’s in process, is a bad sign. It’s a sign that you are counting on your IRS refund for something. That’s a mistake. Since the IRS can’t guarantee when refunds are issued, taxpayers should not be purchasing things in hopes that their IRS refunds will come through soon to pay for things. Similarly, don’t delay your rent payment because you’re waiting for your IRS refund to come through. You’ll compound your problems and cause yourself to develop an ulcer. There’s absolutely nothing you can do to make the IRS move faster in processing your return and issuing your refund faster.
Lesson learned: don’t count on your IRS refund because you can’t be sure of a date for its issue.