What happens after your refund is approved?

Asked by: Vanessa Bartell  |  Last update: February 19, 2024
Score: 4.1/5 (20 votes)

(updated May 16, 2023) We've approved your refund. We are preparing to send your refund to your bank or directly to you in the mail. This status will tell you when we'll send the refund to your bank (if you selected the direct deposit option).

How long after your refund is 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.

What happens after IRS approves refund?

Refund Approved – We approved your refund and are preparing to issue it by the date shown. Refund Sent – We sent the refund to your bank or to you in the mail. It may take 5 days for it to show in your bank account or several weeks for your check to arrive in the mail.

How long after approval do you get refund?

They will provide an actual refund date as soon as the IRS processes your tax return and approves your refund. Most refunds will be issued in less than 21 days. You can start checking the status of your refund within 24 hours after you have e-filed your return.

What is the difference between refund accepted and refund 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.

How long after your refund is approved is it sent?

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Can my tax refund be rejected after being accepted?

The return was already accepted – The IRS will reject your return if they previously accepted a return with your Social Security number (SSN) or taxpayer identification number (TIN). If this happens, it could be a sign of fraud or identity theft.

Can your refund be denied if accepted?

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.

Does refund approved mean accepted?

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.

What day of the week does IRS deposit refunds?

IRS Refund Schedule for Direct Deposits and Check Refunds

The IRS only issued refunds once per week under the old system. 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.

What time of day does the IRS deposit refunds?

Due to these factors, it's difficult to predict the exact time of day when the IRS will deposit the refund. In most cases, taxpayers receive their direct deposit refunds early in the morning on the expected deposit date.

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.

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.

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 does refund issued date mean?

The amount of the tax return issued by the IRS can be found on the line listed as IRS Code 846. There will also be a date next to this amount that signifies the date that the refund was sent or initiated by the IRS.

What time does tax refund go into bank?

If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in less than three weeks, even faster when you choose direct deposit.

Does IRS count weekends as days 2023?

If your due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day. For the 2023 tax return, the due date for most filers is April 15, 2024 (April 17, 2024, if you live in Maine or Massachusetts).

Why is my refund 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 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.

Why is my refund delayed after being accepted?

A tax refund could be delayed weeks or even months in some cases. The length of the delay may depend on how backed up the IRS is on processing tax returns, whether you turn around requested documentation quickly, and whether you need to file an amended return.

How do I know if my tax refund was rejected?

Will the IRS email, text or call if my return is rejected? Scammers frequently impersonate the IRS and try to get victims to send them money or share personal information. The IRS won't email, text you, or contact you via social media. It will generally mail you a notice if there is a problem with your return.

Where is my refund trace?

Use Where's My Refund, call us at 800-829-1954 (toll-free) and use the automated system, or speak with a representative by calling 800-829-1040 (see telephone assistance for hours of operation). If you filed a married filing jointly return, you can't initiate a trace using the automated systems.

Why is my tax return still pending after 48 hours?

IRS refund statuses

Return is e-filed: acceptance pending: Your return has not been processed yet. Generally, it takes 24-48 hours for the IRS to accept the return, or several days until the IRS processes the backlog of returns. Note: if the status "Being Processed" persists for several months, contact the IRS.

Does the IRS actually review every tax return?

The IRS receives and processes most tax returns without further examination. However, there are a variety of factors that may attract their attention in a way that would make the return more likely to be audited through a correspondence exam or assigned to an auditor for further inquiry.

What does reference 1242 mean?

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