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The deadline for filing returns was April 15, but thousands of taxpayers are still waiting for the Internal Revenue Service (IRS) to issue their refunds. For many, this income represents an important relief that can make a difference in their economy.
The IRS notes that, under normal circumstances, most refunds are issued within 10 to 21 days after the return is filed. However, this timeframe is not the same for everyone. Factors such as the exact date the return was filed, the method of filing used and the tax credits claimed can significantly alter processing times.
Filing electronically is usually the most efficient option. Digital returns are processed much faster than those sent by mail, and those who opt for direct deposit also receive their money sooner than those who wait for a paper check.
Even so, there are exceptions. Taxpayers who claimed certain tax credits such as the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) may face additional delays. The IRS usually applies stricter verification measures in these cases to prevent fraud, which delays the release of funds.
Who receives their refund between May 5 and 11?
Many citizens remain on the lookout to check the status of their refund. It is estimated that those who filed their tax return electronically between April 14 and 20 with direct deposit selection will receive their refund between May 5 and 11.
For those who chose a check payment and filed their return in the last week of March, the payment should arrive on Monday, May 5.
This is the tax refund schedule according to the filing method and estimated payment distribution time:
- Electronic filing and direct deposit: 1 to 3 weeks
- Electronic filing and cheque: 1 month
- Statement by mail and direct deposit: 3 weeks
- Statement by mail and check: 2 months