What does it mean when your refund has been approved?

Asked by: Sheldon Hill I  |  Last update: March 14, 2024
Score: 4.7/5 (58 votes)

Upon completion of the processing phase, the IRS will update the status to "Refund Approved." This stage signifies that your return has been thoroughly reviewed and approved for a refund. Additionally, the tool will provide you with an anticipated refund date, giving you a clearer idea of when to expect your money.

How long after refund approved is it sent?

The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it's possible your tax return may require additional review and take longer.

Does refund accepted mean approved?

'Accepted' is an acknowledgment of receipt and initial screening, while 'approved' signifies that the IRS has verified the accuracy of your tax return. The IRS uses an electronic system to process tax returns filed electronically.

What comes after refund approved?

The IRS has approved your refund. The IRS is preparing to send your refund to your bank or directly to you in the mail. This status will tell you when the IRS will send the refund to your bank (if you selected the direct deposit option).

Why does my refund say approved but not sent?

An incomplete return, an inaccurate return, an amended return, tax fraud, claiming tax credits, owing certain debts for which the government can take part or all of your refund, and sending your refund to the wrong bank due to an incorrect routing number are all reasons that a tax refund can be delayed.

Does accepted mean my refund is approved?

21 related questions found

Can refund be rejected after being approved?

Once accepted there is no “rejected”. Accepted/rejected simply refers to the status of an electronically filed return. Next, the IRS processes your return and either approves your refund (if you have one) as is, or makes adjustments if there are simple discrepancies.

What does the IRS look for to approve your refund?

They'll look for math errors, check if you owe back taxes or unpaid child support, and more. If they need to make any corrections, they may offset (reduce) or increase your refund.

What day of the week do refunds get approved?

IRS Refund Schedule for Direct Deposits and Check Refunds

They now issue refunds every business day, Monday through Friday (except holidays). Due to changes in the IRS auditing system, they no longer release a full schedule as they did in previous years.

Does being processed mean approved?

Received means your return is being processed. Approved indicates your return has been accepted and your refund amount is approved. Sent confirms that your refund is being direct-deposited into your bank account or mailed to you as a check.

How do I know if my tax return was filed?

  1. If you are receiving a tax refund, check its status using the IRS Where's My Refund tool. You can view the status of your refund for the past 3 tax years.
  2. If you owe money or are receiving a refund, you can check your return status by signing in to view your IRS online account information.

What is the difference between refund accepted and refund approved?

A federal return that's been 'accepted' means it has passed an initial screening, which includes some basic checks. Once it has entered this phase, its status will remain the same until it has been “Approved.” This would mean it has been processed and that the IRS has approved the release of your refund.

How long can the IRS hold your refund for review?

If the IRS is reviewing your return, it may have questions about your wages and withholding, or credits or expenses shown on your tax return. The review process could take anywhere from 45 to 180 days, depending on the number and types of issues the IRS is reviewing.

Does the IRS release funds on Saturday?

The IRS generally issues tax refunds through direct deposit within 21 days of processing your tax return. While the exact day of the week that your refund will be deposited can vary, the IRS typically issues refunds on weekdays, Monday through Friday.

Is being processed a good thing?

If a taxpayer's refund status changes from PATH status to “being processed” status, no mistakes have been detected and their refund may be issued on time.

Should I be worried if my tax refund is still being processed?

You can check the status of your tax refund using Track My Refund. If your refund details state that it's still processing, you can check your tax return to see if you catch any errors. If your refund status instructs you to contact the IRS, you can speak to an agent to get clarification by calling 1-800-829-1040.

What happens when your refund is under review?

Tax Topic 151 means your tax return is now under review by the IRS. The agency either needs to verify certain credits or dependents, or it has determined that your tax refund will be reduced to pay money that it believes you owe.

Does the IRS approve refunds on Sunday?

Yes, the IRS states that they issue most refunds within 21 days, so that does include the weekends. If the IRS needs more information from you to process your return, then they will contact you by mail.

Do refunds process on weekends?

Most refunds typically take 5-7 business days (excluding weekends and holidays) to appear in your account once the merchant has issued the refund. If you have questions about a refund you should have received, you should first check with the merchant.

Why do refunds take 7 days?

Why does a Refund take Time to Reach Customers? Three main parties are involved in a successful payment refund – the payment gateway, the merchant's bank, and the customer's bank. Refunds take longer than transactions because they have to go through an elaborate process and involve the combined work of various systems.

How do you know if the IRS is reviewing your return?

If the IRS decides that your return merits a second glance, you'll be issued a CP05 Notice. This notice lets you know that your return is being reviewed to verify any or all of the following: Your income. Your tax withholding.

What does reference 1242 mean?

The IRS uses code 1242 to indicate in its system that your return was received and is under review.

How will I know if my refund was rejected?

It will generally mail you a notice if there is a problem with your return. An IRS agent may call you or visit your home, but usually only after sending several letters first. When an e-filed return gets rejected, the IRS will often let you know within a few hours.

Can I get my tax refund early?

Tax refund loans, also called "refund advances," let you access your refund early. The tax preparation company lends you money that is repaid with your tax return. Some loans are zero interest, while others include interest if you want the funds before 2024.

What time do refunds go into bank?

Refunds to debit cards tend to take between two and five business days, but it can take up to 30 days depending on the company issuing the refund.