The holidays are over, your debt balance is huge and you may be wondering how soon you can get your tax refund and put a dent in that debt. Wonder no more. The IRS said Monday it will begin accepting tax returns on Jan. 29.
If you file your taxes electronically that day and there are no issues, the IRS says it can usually issue a refund within 21 days or less as long as you didn’t claim the Earned Income Tax Credit or the Additional Child Tax Credit. By law, those refunds can’t be issued before mid-February. The IRS expects most EITC/Additional CTC-related refunds to be available in taxpayer bank accounts by direct deposit or on debit cards by Feb. 27, possibly earlier, if taxpayers chose direct deposit and there are no problems with the tax return.
The final deadline for most people to file taxes is April 15.
How can I ensure my taxes are filed on the first day?
As long as you’ve received all your tax documents, you can complete the forms now and have them ready to send electronically on Jan. 29.
Most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month.
If you use a tax preparer, they also can complete your return ahead of opening day and queue it up to the IRS. As soon as the agency opens for business that day, your return will automatically get filed.
IRS Free File will be available on IRS.gov starting Jan. 12 ahead of the filing season opening. The IRS Direct File pilot will be rolled out in…
