- Asked by joshuagordon
- TurboTax Free Edition
According to my friend, if you've been accepted you have an 80% chance of the return being processed and refund being issued by the system within 3-5 days. The other 20% that don't have typically been flagged by the system and the return needs to be manually gone over to check for fraud or typical errors. Those people can expect a 1 to 3 week delay in their processing. This is why the IRS has not released a refund cycle chart this year, and why they delayed the mass processing until Jan. 30, it gives them a buffer. Previously, people took the cycle chart as the be all, end all when the IRS clearly stated it was not a guarantee of deposit or check dates.
Anyway, with that said, If you've been accepted this week, there is a strong possibility that you will have your refund by next week, before the IRS has even officially opened tax season. I can tell you as well, that most of the returns that were accepted the first day of testing have already been processed and refunds were issued beginning today. Anyone who was accepted by today (Friday, 1/25), could expect to start seeing their refund issued by Wednesday (1/30) even earlier in some cases. Once again, this only applies to the few filers that have already been acknowledged as "Accepted" from the IRS. So, like the IRS I can't guarantee when you'll get your money, but I can tell you that you should feel pretty optimistic (about 80% optimistic) that you'll be seeing your refund quite earlier than you thought if you've already been accepted. The other thing to keep in mind to is that once the IRS has direct deposited your refund to your bank, it's up to your bank when they make that money available. For example, my bank no matter what, makes every direct deposit to my account paycheck, refund or otherwise available at 8 AM the next business day. They could have received the deposit at 8:01 AM on a Friday and it won't be available to me until 8:01 AM on Monday. so just make sure to check with your bank on their policies, which they don't always abide by. My bank claims to release the funds as soon as they receive them; which is a load of crap as I pointed out to you how they make the money available to me.
If you're getting a direct deposit from a 3rd party because you opted to take out the fee to have your returns done by a tax software or professional (i.e. using Turbo Tax and opting to pay via your refund) add another day or 2 to your wait because the irs will deposit the refund to SBTPG (the bank TT uses) and then SBTPG will deposit the refund minus their fees to your bank. And typically banks hold this money longer because it is not coming from a government agency.
Software Developer, Independent Contractor for IRS MeF systems
Not sure how many have tried this but I did:
Try going to the TT main site
In the upper right hand corner there is a link: My Turbo Tax; click on that
it will show you Let's track your 2012 returns
The IRS has accepted your federal return
Accepted on January 28
right below that is a link that says Track My Refund
Click that it will show you the: expected refund delivery date. Mine is showing before 2/19 - refund delivery time highlighted is 2/9-2/19
May be sooner not sure but try it and see ... hopefully it is sooner than mine!...lol good luck
FYI: WMR from the IRS site is showing est 21 days... that site was the only site that gave me an approximate date. Again I'm not sure HOW accurate the time frame is but for those seeking a more narrowed down date...its all I've been able to get thus far. Good luck & searching to all :)
- ohbettyplease , Miss Thing
Congratulations! TurboTax was able to have your return accepted early by the IRS. You're finished with your taxes.
Even though you've been accepted early, please note that the IRS does not begin processing refunds until January 30.
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