Pretty much everyone could use some extra cash right now.
And given that the July 15 tax filing deadline has passed, you’re probably wondering how long it will take to get your tax refund.
This year, thanks to the coronavirus pandemic, it’s probably going to take longer than usual.
In normal times, nine of 10 tax refunds are issued in less than 21 days, the IRS said.
The IRS said it has processed 134.6 million returns by July 10, the most recent data available. That’s down 7% compared to the same time last year, when 144.7 million returns had been processed.
But as of mid-May, more than five million returns were still waiting to be processed, according to the National Taxpayer Advocate. And that doesn’t count the influx of returns that were filed by the July 15 extended deadline.
FEDERAL TAX REFUNDS
Paper returns are seeing the longest delays as the IRS catches up with all the returns it received during the shutdown, and the IRS said it still has “limited staffing.”
“Taxpayers who filed a paper tax return and expect a refund may experience a significant delay beyond the normal time frame of four to six weeks from the time they mailed the return,” the IRS said. “The IRS will process these returns in the order received and there is no need to file a second tax return or call the IRS.”
You can get updates on your refund using the IRS’ Where’s My Refund? tool as soon as 24 hours after you file an electronic return, or four to six weeks after you file a paper return.
The tool will ask for your Social Security number or Individual Taxpayer Identification Number, your tax filing status and the exact amount for the refund amount.
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It will tell you if the return has been received, if the refund has been approved and if the refund has been sent.
The tool is updated every 24 hours.
“Taxpayers should wait five days after the IRS sends the refund as a direct deposit to check with their bank. It could take several weeks before a refund check is received by mail,” it said.
If you filed your return before April 15, you may actually receive interest from the IRS. The interest will accrue from April 15 up until the date of the refund.
Interest payments may be received separately from the refund, it said.
“By law, the interest rate on both overpayment and underpayment of tax is adjusted quarterly,” the IRS said.
The interest rate for the second quarter, ending on June 30, 2020, is 5% per year, compounded daily. The interest rate for the third quarter, ending September 30, 2020, is 3% per year, compounded daily.
NEW JERSEY TAX REFUNDS
If you’re also looking for your New Jersey refund, you’ll also have to wait longer than usual.
“To mitigate the spread of COVID-19, staffing is extremely limited and may delay the timeframe to review refund requests,” the Division of Taxation’s website said. “Please allow additional time for processing and review of refunds.”
It said electronic returns usually take a minimum of four weeks to process, while paper returns typically take a minimum of 12 weeks.
The state also has a Where’s My Refund tool to give you the timing of your refund.
The Division of Taxation says you’ll need to enter the Social Security number listed first on your tax return and the exact amount of your refund to use the tool.
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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.
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Where’s my tax refund? It may take longer than usual to come through. - NJ.com
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