Direct Deposit vs. Check Refunds
Most taxpayers tend to direct deposit their money because that seems to be the quickest and most beneficial. However, if you prefer, there is a possibility of receiving paper checks.
Direct deposit
As soon as the IRS approves your returns, and the payment is released, it is most likely that you will receive money in your account in 1-5 business days. A considerable portion of the taxpayers tend to receive the money in their account in 1-3 days.
Check Refunds
In the case of paper checks, you may have to wait a little longer considering the average time it takes to deliver is 1-3 weeks.
Factors That May Affect Timing
Certain factors come into play when explaining the delay in receiving your approved refund:
- Bank Processing Time: Immediately posted funds to your account are not the norm in every bank. Some banks require additional working business days.
- Federal Holidays and Weekends: The days mentioned are holidays where no processing occurs and can delay funds availability to the next working business day.
Having your refund issued by the IRS as a check may simplify the process rather than a misplaced bank account number which could totally delay the refund.
How to Track Your Refund
Rather than guessing and waiting endlessly, the IRS provides two specific tools to estimate and check the refund processing status.
- Where’s My Refund: By submitting your Social Security Number (SSN), and paperwork filing and refund status, you can check your refund status in the IRS online portal.
- IRS2Go Mobile App: This tool provides the same information in a downloadable mobile app.
Each tool provides updated information once a day. The IRS updates all systems by working during non-business hours.
What to Do If It’s Delayed
Most refunds come in on time, but sometimes delays do happen. Here’s what you can do to find the status of your refund:
- Per IRS guidelines, do not reach out to the IRS until the intention to file date is more than 21 days. Most refunds come in prior to this; however, the IRS wants the documents to be processed in this amount of time.
- Have the tax return in front of you. Make sure your direct deposit instructions are not wrong.
You may only call the IRS when the “Where’s My Refund?” instructions say you should, or it is more than 21 days without movement on the refund.
If you need any professional aid, reach out to Dimov NYC CPA today. Our dedicated team stands ready for expert tax filing services and accurate refund tracking.
FAQs
How long does it take for a tax refund to show in the bank after being approved?
Most refunds sent by direct deposit arrive within 1–5 business days after the IRS issues the payment, with many appearing in 1–3 days.
Why is my refund approved but not deposited?
Common causes include bank processing delays, incorrect routing or account numbers, or timing issues from weekends and federal holidays.
Can the IRS take longer than 21 days to refund?
Yes. While most refunds are issued in under 21 days, delays can happen if there are errors on the return, extra reviews for things like Earned Income Credit or fraud prevention, or if the IRS requests additional documentation.
What time of day do IRS deposits hit your account?
Deposits usually post overnight or early in the morning, but exact timing depends on your bank’s posting policies.