The tax industry stakeholders are projecting refunds will begin hitting accounts mid-week, Feb 22nd. This is just an estimate and not a guarantee and it could take 7-10 days for the backlog of refunds to be caught up. Also note, the refunds may not be deposited in the order of return date submitted.
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However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 — if there are no processing issues with the tax return and the taxpayer chose direct deposit. This additional period is due to several factors, including banking and financial systems needing time to process deposits.
Where’s My Refund? on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC /ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where’s My Refund? or through their software packages until then.
The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund.
Why is my refund being held? Beginning in 2017, if you claim the EITC or ACTC on your tax return, the IRS must hold your refund until Feb. 15. This new law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC. Like previous years, some tax refunds may be held if there are questions about the tax return or the IRS needs more information.
Will I get my refund on Feb. 15? While the IRS will begin to issue EITC/ACTC refunds starting Feb. 15, you should not count on actually seeing your refund until the week of Feb. 27 — if you chose direct deposit or a debit card and there are no processing issues with your tax return.
Why does it take so long for the funds to show up in my account? It takes additional time for refunds to be processed after leaving the IRS, and for financial institutions to accept and deposit them to bank accounts and products like debit cards. Also many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day affects their refund timing.
How do I check the status of my refund? Where’s My Refund on IRS.gov and the IRS2Go phone app remains the best way to check the status of a refund. Where’s My Refund will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where’s My Refund or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so taxpayers should not contact or call them about refunds before the end of February.
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