If your payment status is complete, it means that your payment was successful.
Completed: The transaction was successful and the money is in the recipient's account.
A Payment status represents the status of your Payment as a whole and will get an Initialized status upon creation. You will see its status in the response of the Create a Payment request.
Typically, it means that your payment to TurboTax for tax preparation is complete. Did you enter in a payment method (i.e credit card) to pay for your TurboTax fees? If you need to track your refund, please see the link here: https://turbotax.intuit.com/tax-tools/wheres-my-refund/
Settled: Successful payments for which you have received funds. Failed: Attempted payments that were not authorized or could not be processed. Voided: A transaction that was voided prior to being submitted for processing. Refunded: A transaction that has been reversed, or refunded.
A payment can be made in the form of cash, check, wire transfer, credit card, or debit card. More modern methods of payment types leverage the Internet and digital platforms.
"Waiting" status means that the platform has not yet received accurate information about the status of the payment from the payment intermediary.
Once your return is accepted, you are on the IRS' refund timetable. The IRS typically issues refunds in less than 21 days after your e-filed return is accepted.
If you e-filed your tax return using TurboTax, you can check your e-file status online, to ensure it was accepted by the IRS. You'll also receive an e-mail confirmation directly from the IRS.
Funds are usually withdrawn on the payment date you specify in TurboTax, assuming your e-filed return has already been accepted (received) by the IRS. If that date falls on a weekend or federal holiday, the funds are typically withdrawn the next business day.
When a payment is marked as “pending” it means that the payment process still needs to be completed. In most cases, this simply means that you need to wait for this to happen. In some cases, however, the merchant may need to take action.
If the status of the member's payment is "Originated" in Check Gateway, that means that the payment process has started and the payment is being verified by the bank.
In the US, payment processing times vary by method. Credit and debit card transactions are often processed instantly, but funds can take a few days to clear. ACH or Direct Debit transactions typically take 1-3 business days, while wire transfers are usually processed the same day.
How long do pending transactions take? In general, it can take up to three business days for a pending transaction to clear. But that time frame can depend on the bank or credit card issuer, the payment network—like the Automated Clearing House (ACH)—and the type of transaction.
Processed does not necessarily mean paid. If the bank says a transaction has been processed, that can mean that it has been authorized and authenticated but not yet settled - meaning, the seller may not see the funds in their account yet.
It is your responsibility to ensure your return is accepted by the IRS or state agency. If you do not receive an email confirmation or acceptance, you can check the status of your electronically filed returns using the TaxAct E-File and Tax Refund Status webpage.
Look for email or status updates from your e-filing website or software. If you used USPS Certified Mail or another mail service with tracking, check with them to see if your return was delivered.
Here is a breakdown of IRS processing times, how your tax return will progress through 3 stages with the IRS (“Return Received”, “Return Approved”, and “Refund Sent” once you e-file), and where you can go to check your refund status.
If you used TurboTax to e-file your return, you can login to your TurboTax Online account to check the e-file status. After your tax return has been accepted by the IRS, only the IRS can tell you the status of processing that return, whether you owe taxes or are due a tax refund.
The fastest option is to e-file your return and to receive your refund via direct deposit. The majority of taxpayers who choose this option will receive their refunds within 21 days. That means your bank will have your refund within three weeks from the day the IRS accepts your tax return.
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.
What is the Payment Approval Process? An approval process for payments is a common business practice employed to ensure all payments are vetted and approved by an additional, in-company party. This ensures payments aren't sent out in error and prevents major issues like internal fraud.
Approved Payment Date means the date which is one hundred twenty (120) days after the due date for payment of an Approved Account. Approved Payment Date .
Insufficient Funds: Usually, payments fail simply because the customer does not have the required funds available in their account to cover the transaction – or because they have exceeded their credit limit. In either case, their bank will typically reject the payment.
Consequently , RTGS payments happen faster, as the amount is reflected in the payee's account within 30 minutes of initiation of payment at the remitter's end. On the other hand, NEFT fulfilment is reflected within 2 hours. Secondly, the RTGS system has a minimum threshold amount of 2 lakhs.