#MoneyMonday – Where’s my Refund?

Welcome to February! The month of love and the official kick-off to tax season. Some people dread having to write a check to the government, but a lot of people expect a refund. If you’re one of those people, of course you want to know when the government is going to send that money! And considering refunds averaged out to about $2,500 per return last year, we’re not exactly talking about chump change.

The IRS’s general guideline for refunds is 21 days or less for taxpayers who file electronically. Submitting a paper filing will slow things down, as the agency only has so many people to input the paper files and the USPS is still struggling mightily with our mail. Asking for direct deposit will get you your refund quicker than a mailed check for the same reasons.

It’s also important to note that the IRS has delayed the start of this year’s filing season until February 12. Which means if you have already filed, it’s kind of like lining up outside a store on Black Friday; you’re not going to get in any sooner, but there is a good chance you’ll be one of the first to get attention once they open the doors. This delay is because of the stimulus bill Congress passed on December 27th. The agency needs time to test their systems for the changes that bill threw into our tax code at the very end of the year.

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