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Based on information to date and from previous years, read and find out the estimated timeline for when taxpayers will receive their 2023 tax refunds. It may still be a bit too early but here is our educated guess!
Income Tax Return
It is still a bit too early for the 2023 tax refunds. However, based on information to date and from the previous years, taxpayers can have an estimated timeline for when the Internal Revenue Service (IRS) will issue them. Unlike in 2019, when the COVID-19 pandemic caused extensive office shutdown and delayed the 2020 tax filing, the taxpayers will not have the same concerns this tax season.
According to O’Bannon, the IRS usually begins accepting tax returns in the last week of January. However, if major tax legislations will be approved at the end of the year, the tax season may be delayed for a week or two. Therefore, even early tax filers can look forward to receiving their tax refunds in mid or late February. On the other hand, taxpayers under the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) program normally have their tax refunds delayed for a month. This is because IRS still confirms the eligibility of the applicants for these programs. Rest assured that even when the COVID-19 pandemic left a significant impact on the last two tax filing seasons, the IRS will not be extending the tax filing deadline for 2023.
READ ALSO: What Is Tax Credit And How Do They Work?
2023 Deadline
According to O’Bannon, the deadline is expected to be on April 18, 2023. The standard deadline is on April 15, however, the date falls on a Saturday. The same goes for April 16 which falls on a Sunday. April 17, on the other hand, is Emancipation Day and also the Patriot’s Day. The IRS has always rescheduled a deadline whenever it falls on a weekend or a holiday to the next possible business day.
There are several factors that can affect when a taxpayer can receive their tax returns. The most basic is how early they file them. Taxpayers are advised to file as soon as all necessary tax documents such as mortgage and student loan interests, W2, and 1099s are already available. If a taxpayer files online instead of physically mailing their documents, the tax returns may be received sooner as well. However, if the taxpayer has existing obligations to the federal government, it may delay the arrival of their tax returns.
READ ALSO: 8 States Continue Issuing Stimulus Payments This 2023— See If Yours Is On The List!
