IRS Refund Cycle Chart 2014

December 22nd, 2013 | Posted by Admin in Your Federal Tax Refund - (Comments Off)
Tax refund sign

Relying on an IRS Refund Cycle Chart for your 2014 tax return is like hoping the weather performs in exactly the same way it did last year.  That is, there an awful lot of factors that can slow down the progress of your refund, just like there are a lot of ways the weather can change from day to day and never be the same as it was last year.  Neither your IRS refund nor the weather behave predictably.  Neither is regular and neither one can be charter, either.

Old Habits Die Hard

Perhaps you are looking for an IRS Refund Cycle Chart 2014 because that’s what you’ve always consulted when expecting your refund.  In the past this was how we all did it.  That’s all there was: a refund cycle chart that gave you a date as to when you should expect your refund.  The process was pretty routine as far as processing your tax return, so the IRS would publish the refund cycle chart for each year.  Taxpayers who had submitted tax returns used the chart religiously.  Perhaps you still crave a refund cycle chart for 2014?  Time to break the habit and get to know the new style…

The IRS Online Refund Tracker Tool

Now you log into the IRS website and retrieve data for your very own tax return.  You plug in your social security number, answer a few questions about yourself and the tax return you submitted, and voila: the tool will tell you exactly where in the pipeline your tax return is on that day.

The refund tracker tool updates every 24 hours.  Therefore, if you’ve already checked it one day, you won’t get anything new until the next day.  You also won’t get anything new by calling the IRS Refund Hotline.  All those people will tell you is what they see on the screen after essentially logging in as you.  They are unable to tell you anything more than that.

So instead of hunting down an IRS Refund Cycle Chart 2014, use the IRS Where’s My Refund? tool located on the IRS website.  Accept no substitutes- don’t give out your Social Security number to anyone else but the IRS or your identity and your IRS refund could be stolen.

IRS Refund Schedule 2014

December 22nd, 2013 | Posted by Admin in Your Federal Tax Refund - (Comments Off)
Filling tax forms 1040

Proud of yourself, eh?  You got your taxes done and now all you have to do is sit back and wait for your tax refund.  What’s that you say?  Waiting is not working out for you?  You want to know where your IRS refund might be?  Used to be taxpayers could consult the refund chart for the present year and guestimate pretty accurately when they’d get their refund.  But no longer.  The IRS will not publish an IRS Refund Schedule for 2014.  You will not find any 2014 Refund Chart anywhere on reputable websites.

Want to know why?  Because the IRS doesn’t do that anymore.  Tax returns are processed differently now, which means they travel a whole new pathway inside the IRS complex of computer processing software.  There are many divergent pathways your return could take now…because the IRS has implemented new ways of checking our tax returns for fraud.

The old way of sending your tax return to be processed simply added up the numbers and stamped it “processed”, then issued your refund.  Pretty predictable and chartable.  Yes, we could chart the progression of our tax returns, right down to the day on which our IRS refunds would be issued.  But like I said, this is no longer the case.

Now, there are million more steps along the way to completion.  The IRS Refund Schedule 2014 involves a lot more work before you get your refund.  In fact, the schedule may be very much extended for some taxpayers and hardly affected at all for others.  It all depends on whether your return gets flagged for suspicious info, thereby becoming sidetracked from the regular refund schedule.

Picture a highway… from point A to point B.  Point A is the day you submit your tax return.  Point B is the day you get your IRS refund.  It’s a straight highway…which is how we used to be able to have things like the IRS Refund Schedule.  But fraud checks along the way are like exits off the main highway.  If your return gets flagged the your return has to exit the main highway while it gets checked over more carefully.  That will delay the supposed schedule.

Those exit-delays can happen several times, once time, or not at all so the idea of a refund schedule has been rendered obsolete now.  Therefore, if you need info on where your 2014 IRS refund might be, use the online IRS Refund Tracker located on the IRS website.

Federal Tax Refund Calendar

May 19th, 2013 | Posted by Admin in Your Federal Tax Refund - (Comments Off)

There’s no longer a Federal Tax Refund Calendar for checking the status of your IRS refund.  Now, taxpayers who want to know the status of an IRS refund must log in with the IRS website and receive an answer that’s drawn from the IRS database system, just for them.  It’s more accurate and you’ll end up receiving more information in the long run.

But for a general all-purpose Federal Tax Refund Calendar and to see a timeline, here’s what we’ve got.

Federal Tax Refund Calendar

December 31     The End of the Tax Year

January 1     Usually you can start filing your federal income tax return by now

January 21     The earliest that your IRS refund would be ready, on average

January 31     W2 statements are due from employers to employees

January 31     1099-INT due recipients

January 31     1099-MISC due to contractors

February 18     1099-MISC due if there are amounts in boxes 8 or 14

As you can see, some documents you’ll need in order to prepare your income taxes are not even due to you until the end of January.  So even if you are able to file your taxes on January 1, you should wait until you get your W2 and 1099 statements, if applicable.

1099-MISC is for when you did work as a contractor and not as a regular employee somewhere.  1099-INT is for income you earned from the interest on your savings account.  W2s is the wage report from your employer.  The IRS gets a copy of all these things, the same copy you’ll get in the mail.  If you don’t wait for these tax statements and use them to prepare your tax return, you may be filling in the wrong amounts since you’ll be guessing what’s on them.  The IRS will notice any discrepancies and delay your IRS refund.  So, you might as well wait for your tax documents to arrive in the mail before you try to file your federal income tax return.

Estimating Your Progress in the Federal Tax Refund Calendar

If you electronically submitted your tax return to the IRS, the average time between clicking that submit button and seeing the refund in your account is 21 days.  That’s why, on the Federal Tax Refund Calendar timeline above, January 21 is listed as first possible day on average, that you could be receiving your refund.

If you mailed your return, it’s going to be at least a month before you can even think of receiving your IRS refund.

Even so, those times are average times for a refund.  Anything can delay your IRS refund, so why not just use the IRS refund tracker here.  It will give you information on your own personal refund, not a generic tax refund calendar that’s meant for everyone to use.





Keeping Tabs on Your Refund

April 29th, 2013 | Posted by Admin in Your Federal Tax Refund - (Comments Off)
Money refund

This is a diverse world, but essentially we all have at least a few things in common, things that drive us- one of which is the necessity of money.  Yes some of us are more materialistic than others, but even the Dalai Lama needs to know where his money is coming from and where it’s going.  Betcha even he has an accountant.  If the Dalai Lama lived in the US and paid taxes, he would be just like us: asking Where’s My Refund? after filing his federal income tax return.  That’s because money is important, no matter who you are.

The IRS Has Changed Its Refund Status Page for the Better

The IRS recognizes this, and after years of issuing an all-purpose schedule of general guidelines that gave taxpayers a very rough estimate of when their tax refunds would be issued, things have finally changed for the better.  Now, the IRS lets taxpayers get individualized information regarding their own federal tax refund status.  You can simply log on to the Refund Status page on the IRS website. Submit your social security number, your filing status (married, single, etc) and the exact amount of the refund you’re waiting for (take that from your tax form that you filed) and they’ll tell you what’s up with your tax refund status.

The Refund Tracker Reduces Stress

Everyone who pays taxes is interested in his or her own federal tax refund status.  Those of us who get an IRS refund after filing income taxes are usually very anxious to get that money.  Sometimes our tax returns get stalled in the pipeline so refunds get delayed.  In the old days when all we had to refer to  was the old refund status calendar, all we could do was look at the calendar and see that a refund was late.  Now, with the new IRS refund tracker (that’s what the new system is called since it actually tracks your personal refund status for you), you can see an ETA and feel better that the refund isn’t just lost in space.  (too many acronyms?  ETA means estimated time of arrival).

It’s Good But You Don’t Get ALL the Answers

The new way of finding out about your federal tax refund status is better, but it still won’t tell you why your refund may be delayed.  All you can do here is guess…there are common reasons why a refund gets delayed.  First thing to remember is that there isn’t necessarily a problem if your refund is late.  It usually means it got flagged for possible link to a federal tax refund scam.  There are things like identity theft that occur all the time with the IRS and they’ve taken measures to fight back.  One is to be very careful with tax refunds.  The slightest thing that’s off can trigger a red flag and therefore a refund delay.  But don’t worry: if you aren’t trying to scam the IRS your tax return will eventually get released back into the pipeline and your federal tax return status will go back on track to normal.