Tax Refund from Turbo Tax Direct Deposit: What Is the Processing Time for Tax Refunds

Your tax refund is on its way! Not by a long shot. Taxpayers received a direct deposit refund of nearly $3,000 from the federal government last year!

The sooner you file, the sooner you’ll get your money back. Filing now will help you get closer to your maximum tax refund.

When you file with TurboTax, you won’t have to worry about knowing tax laws because the software will ask you simple questions about yourself and then give you the deductions and credits you’re eligible for based on your entries.

Even if you have questions, a TurboTax Live tax expert is available year-round in English and Spanish to review, sign, file, or even prepare your taxes from start to finish if you connect live via one-way video.

Since electronic tax returns began being accepted on January 24, 2022, and you’ve already filed, and you’re wondering what will happen next, here’s a rundown of what to expect:

Check the Status of Your E-Filing Within 24 to 48 Hours:

Tracking your federal refund status using the IRS Where’s My Refund? tool is possible once the IRS has acknowledged receipt of your e-filed tax return.

Tax Refund from Turbo Tax Direct Deposit

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Once the IRS has begun processing your return, the tool will display “Return Received.” The IRS must process and approve your tax refund before a refund date appears on your statement.

“refund Approved” Has Been Added to The Status Bar.

Upon completion of the IRS’s tax return processing and receipt of confirmation that your return is approved, the status of your account will change to “Refund Approved.”

It may take a few days for the status to change, but it could take longer – so be patient and keep checking back. When your status changes to “Refund Approved,” the IRS will provide you with a specific refund date.

With a direct deposit and an e-file, the IRS expects to issue 90% of federal tax refunds within 21 days of acceptance.

Refunds Have Been Sent Out:

The IRS has sent your refund to your financial institution for direct deposit once the status in Where’s My Refund? shows “Refund Sent.”

The time it takes for your bank to deposit money into your account can be as long as five days. Tax refunds can take several weeks to arrive by mail if you requested this method of payment.

Tax Refund from Turbo Tax Direct Deposit

The quickest way to receive your refund is through electronic filing and direct deposit. You should expect delays if you are mailing a paper tax return because of the COVID-19 issue, and the IRS expects this to continue.

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If you file a paper return, the IRS recommends that you wait four weeks before checking the status of your refund and that refund processing can take between six and eight weeks from the date the IRS receives your return. For more information on how and when to get a refund, visit this page.

It’s time to get started, then. If you have a simple tax return, TurboTax Free Edition will allow you to e-file your federal and state tax returns for free.

There is no need to know all of these tax laws when you file your taxes with TurboTax, which will ask you simple questions and give you the tax deductions and credits you are eligible for based on the answers you give to these questions.

The tax experts at TurboTax Live are available year-round in English and Spanish to answer any additional questions you may have. They can guide you through the process and check your return for accuracy prior to filing, or you may choose to completely trust them with your taxes using TurboTax Live Full Service.

For taxpayers with refunds that include the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), the IRS is required by law to hold those refunds until mid-February, but this year the IRS expects the first week of March refund for those taxpayers who e-file with direct deposit and have no issues with their returns.

But the majority of taxpayers will not be affected. The IRS expects the earliest EITC and ACTC refunds to be available to taxpayers in their bank accounts or debit cards by the first week of March (assuming these taxpayers chose direct deposit and barring any other issues with returns).

Only W-2 income, limited interest ,and dividend income, the standard deduction, the Earned Income Tax Credit, Child Tax Credit, and Student Loan interest are included in the simple tax returns.

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