Already filed your tax return or filing soon? Here’s when to expect your tax refund

The IRS has received and processed almost 37 million tax returns already this year. So far, the average refund amount is $3,140, down from last year’s $3,536.

Most taxpayers will receive their refunds in 21 days. That’s if it is accurate and complete. To receive your refund as fast as possible, you should file online and pick direct deposit for payment.

Here are the answers to the most asked tax questions.

When do you need to file?

You have until April 18 to file your return.

If you live and work, or serve in the military, outside of the country and Puerto Rico, you have an extra two months to file your return without requesting an extension. You’ll still be charged interest on payments made after the April due date.

If you live in a disaster-impacted area in California, Alabama or Georgia, you have until Oct. 16 to file your federal taxes.

If you need an extension, you need to file Form 4868 by April 18. That gives you until Oct. 16. You need to estimate your tax liability to file the extension. However, this form doesn’t give you additional time to pay taxes. You’ll owe interest if you don’t pay the amount due by the regular due dates. The IRS could also hit you with penalties.

So, what about penalties?

It’s usually half of 1% of any tax not paid by April 18. The maximum penalty is 25%. The penalty won’t be charged if you show reasonable cause for being late by attaching a statement to your return explaining why.

A late filing penalty, usually 5% of the amount due, is charged if you file after the due date. If you file more than 60 days late, you’ll be charged at least $450 or the balance of the tax due — whichever is smaller. Again, you might be able to avoid the penalty by attaching a statement explaining your reason for filing late.

If you can’t pay your bill, you can request additional time by applying to the Online Payment Agreement or calling 800-829-1040.

What to do before filing?

You can use your online IRS.gov account to look at your tax records.

Get your records together, like your W-2 from work or different 1099 forms if you were in the gig economy, earned interest or got unemployment.

You should check your individual tax identification number. You only have to renew it if it’s expired. Yours might have expired at the end of 2022 if it wasn’t on a federal tax return at least once in 2019, 2020 and 2021.

Check how much tax you’re withholding. It might be worth adjusting if you owed taxes or got a large refund.

Set up your direct deposit to get your tax return more efficiently.

Haven’t gotten your refund? This might be why

If it’s been longer than 21 days, there could be a number of reasons.

• Filed on paper

• Includes errors or is incomplete

• Needs additional review

• Affected by identity theft or fraud

• Includes claim for Earned Income Tax Credit or Additional Child Tax Credit

• Includes Form 8379, an Injured Spouse Allocation. This one could take up to 14 weeks.

How do you check your refund status?

The best way, according to the IRS, to check your status is to visit irs.gov/refunds. You’ll need your social security number or taxpayer ID, filing status and the exact amount on your return.

You can also use the IRS2Go app on your phone.

Your status will start showing up 24 hours after filing your 2022 return online or three to four days after filing a 2020 or 2021 return. If you filed on paper, your status will show up after four weeks.

You should only call the IRS if the Where’s My Refund site says to do so. The site updates once a day.

This story was originally published February 28, 2023 at 11:10 AM.