When To Expect Your 2023 Tax Refund

For electronic filers, the Internal Revenue Service (IRS) issues most tax refunds within three weeks of receiving a tax return. People who file paper tax returns through the mail and ask for a refund via a paper check can expect to wait longer for their money.

The IRS prefers electronic filing. For tax year 2021, 90% of people filed their individual returns electronically.

Several factors affect how long it takes to receive your tax refund.

IRS staffing can also affect your refund. The agency endured budget cuts and smaller staffs over the past decade, which hampered hiring and created a backlog of work.

The U.S. Department of the Treasury predicts better processing speeds thanks to the addition of more staffers, paid for by an influx of money from the Inflation Reduction Act of 2022 that upgraded the IRS’s budget.

You can expect to receive your refund at different times, depending on how you file your return.

There are many reasons your tax refund might take longer than usual to arrive.

The IRS will never call you directly about your tax return. Instead, it will contact you by mail if it needs more information to process your return. IRS representatives will contact you if they’re investigating your return for potential fraud.

You can check the status of your tax return through the Where’s My Refund? tool on the IRS’s website. You’ll need your Social Security number or taxpayer ID number (TIN) and the exact refund amount stated on your return.

Entering this information into the tool will tell you whether the IRS received your return and whether your refund was approved. If so, funds are on their way.

If you’re retired, there’s a chance you won’t need to file an annual tax return. According to tax laws, you don’t need to file a tax return if you don’t owe any taxes.

But it might still be a good idea to file. Filing annual returns while you’re retired ensures that you recover any excess funds that your employer or pension administrators have withheld. It also gives you access to refundable tax credits you might otherwise miss out on.

Income from Social Security, pension benefits, annuities and withdrawals from your IRA, 401(k) or other retirement planning vehicles should all be reported on your tax return. If you’re still working, you must report the income from your job.

If you expect a refund, you can have the money deposited directly into one of your retirement accounts. You can then withdraw it and spend it as usual. This ensures that you get access to your money in the fastest way possible.

Regardless of whether you receive your refund by paper check or direct deposit, you won’t have to pay income tax on that money the following year.

Still have questions about your tax refund or other tax matters? Check out these government resources created specifically for seniors.