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Let’s start by breaking down the filing and refund process, in the simplest way possible.
- First up, you do your thing! You gather all your income/deduction documents and carefully prepare your tax returns. Or, you have a TurboTax Live Full Service Tax Expert prepare them for you.
- Your tax return looks good - and even better, you’re getting a refund! Woohoo! You finalize, verify the bank details or how your refund should be sent to you, and submit your tax return (likely by e-filing).
- Now, tech does its thing! And your return is quickly Accepted or Rejected. It’s your responsibility to keep an eye on your email, or check your TurboTax account, in case there is a rejection. Then correct it and resubmit. Common reasons for Rejected returns are typos in a Social Security Number, last name, or a dependent who was claimed by someone else.
- Success! Your tax return has been Accepted! But hold on a minute - don’t get too excited just yet. Being Accepted only means the IRS (or state taxing authority) has your return, is able to begin processing it, and it’s out of the hands of TurboTax. (Sorry, TurboTax can’t help much at this point.)
- Next up is tech…again. The IRS or state scans for missing W-2s, 1099s, and obvious red flags such as exorbitant deductions in relation to income. Hey, if you earn $50K per year but donate $100K to charity - that’s a red flag that may require a closer look - and a delay in processing.
- If all is good, your tax return will be processed and you should expect your refund (typically) within 21 days of Acceptance!
That’s it! Those are the essential steps to receiving your refund as quickly as possible. Still, there may be some bumps or snags to cause delays along the way. Below are some common FAQs to help ease your mind and move things along more rapidly.
What if 21 days have passed and I don’t have my refund?
This could be as simple as a delay from the IRS backlog.
But there could be a variety of other reasons why it’s taking a longer amount of time. It’s usually something simple that maybe was forgotten, such as an offset or a missing income item. Track your progress and watch for a “love letter” from the IRS.
Or, it might mean you won the “random audit” lottery. Yes, it’s a thing! The IRS could have randomly selected your return for a closer look. In this case, you will receive a letter in the mail (yes, the regular paper mail) letting you know the details and the next steps.
It’s frustrating, but don’t let it scare you. Most often, they simply want verification of an entry on your return. If you’ve kept your documents and receipts, this should be a fairly painless process of providing exactly what they need, and then waiting a bit longer.
How do I fix a Rejected return?
This is usually pretty simple. You log in to your TurboTax account, go to your return and select Fix it now or Revisit the section that applies to the reject code. You can go here to see some common reject codes and learn how to fix them step-by-step.
How do I track the progress?
This is the fun part! You can check the status directly through TurboTax. Once it’s been Accepted, you can also watch the progress right on the IRS or state taxing authority’s website.
They said they sent my refund last week but I don’t have it?
Oh no! Let’s hope the bank info is correct or you didn't move...it's happened before. To head that off, don’t change your bank accounts until after your tax returns are processed and you receive your refund. If you moved (and are expecting a paper check) or need help due to incorrect bank information, you should contact the IRS directly.
PRO TIP: Create an online account with the IRS. You can then access tax records, make payments, and do all sorts of fun tax-related things!
Here’s an important thing to know - once your return has been Accepted for processing by the IRS and/or state taxing authority, they are in control of what happens next. Keep an eye on your status and take action - so you can get your money as quickly as possible!