Seems like as soon as it gets approved, they issue payment to your bank on the Thursday following approval. Happened to me and for my son.
The IRS has set a guideline of 21 days.
There is no set time for approval but the refund is on average released within 21 days of them receiving it if there are no issues.
I filed my taxes on 1/22; the IRS accepted the return on 1/26. Just like everybody else I received an email 3 days later saying that it was held up due to form 8863. On 2/14 I get the other email with "Good News" IRS will start to process returns with form 8863. Bad news is today is 2/21 and mine still says "processing". I spoke with an IRS agent yesterday that stated that they started to process the 8863 returns on 2/14 but they are not processing according to the file date. Per the IRS agent I spoke with, my return (and all others 8863'ers) was basically thrown back into a pile where now I have to restart my 21 days from 2/14. What is the point of getting something in early if people that get it in later still get processed before you do? I assumed that it would be common sense or logic to process according to date filed or date accepted, but that isn't the case. As of today I have no anticipated refund date and there is nothing I can do about it. I agree that the IRS is a BIG JOKE, but what can we do about it- NOTHING!!!!!
I filed January 26th it was approved 2/14 and this morning got a DD of 2/27 & I used education credit.
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