I just verified with TT on when the deposits are going to be processed. Once you receive your accepted status, it should be deposited 8-10 days from the date it was accepted, this depends on whether your bank holds deposits or not. I have always gotten my refunds within 6-7 days of being accepted, so hopefully this helps!
• I filed the 14th • Accepted the 17th 11:36 AM PST • WMR, SBBT & TurboTax both initially said a deposit date of 1/25/2012 • My WMR status changed and eventually was stuck on the "1/31/2012 still processing" message • SBBT updated with a message on 1/23/2012 "we did not receive your refund as expected, blah...." • TT Stayed consistent with 1/25/2012 date • On 1/26/2012, I still had not received anything, checked WMR and it was updated and said "Your tax refund is scheduled to be direct deposited on January 30, 2012....blah" (GOOD NEWS); no update on SBBT • On 1/27/2012 I checked SBBT and they updated as well: "A disbursement in the amount of $* was deposited to your bank/card on 01/27/2012. Please allow at least 1-2 business days for the deposit to be posted to your account." • Woke up this morning my deposit was in my account. (Bank with USAA and I live in Washington, DC)
Tips: • don't check WMR too often you will be blocked for the rest of the day, and that will only further upset you. • I filed my state(DC) separate from my federal. I went directly through my states website to file and received my state refund way faster than my fed. • I freaked when I saw it processing for so long... be patient it WILL update! And when it does, your money will arrive in days.
You may want to check this IRS web page. This is on their web page I will repost the link. The IRS has changed to a system that posts transactions daily rather than weekly. However, some accounts are still processed weekly. Here are some issues that would make it a weekly account:
1. An ITIN rather than a SSN 2. Foreign Address 3. Campus Address 4. Identity Theft Indicators 5. Prisoner File 6. Related MFT 31 Account (i.e, a joint account has been split due to bankruptcy, Offer-In-Compromise, Installment Agreements for only one party, Innocent Spouse) 7. Criminal Investigation Activity 8. Civil Penalty Account (MFT 55) 9. Tax Module History (two years prior) with Criminal Investigation, Exam or Collection Activity.
A direct deposit should be issued four business days after the tax return posts. Here are examples for a daily account: BASED ON ACCEPTANCE BEFORE 11AM
Return is accepted on the 17th and posts on the 18th. The DD would be 4 business days later on the 24th.
Return is accepted on the 18th and posts on the 19th. The DD would be 4 business days later on the 25th.
Return is accepted on the 19th and posts on the 20th. The DD would be 4 business days later on the 26th.
The refund cycle chart is based on weekly processing. Here are some examples for accounts subject to weekly processing:
Return is accepted between 11 a,m. on the 18th and 11 a.m on the 25th. It is held for posting until the 26th. DD would be 4 business days later on the 1st.
Here's a word about "Where's My Refund." WMR initially shows a "receive by" date that is the Tuesday following the week that the DD is actually made. Once the return posts, the date is changed to the actual DD date. Since the posting date varies, its possible WMR may be updated after you actually receive the refund!
Bottom line: Be patient. You should receive the DD by the date shown on the refund cycle chart--but you very well may receive it earlier.
Just spoke to a CPA who does my companies taxes and this is what he said "Anyone filing personal tax returns should expect a 7-10 day delay based on the current refund chart being circulated" his reason was because the IRS swapped systems to offset fraud. The IRS actually sent his firm (KPMG) a memo advising that personal tax returns would be delayed because of this reason. Not good news but atleast something from a reliable source if there is such a thing.