IRS Refund Schedule and Tax Season 2023: Every Citizen has to pay taxes. Similarly, citizens can claim a refund for the taxes paid. Tax season 2023 has begun with the Internal Revenue Service.
As per Internal Revenue Service, 60 out of 100 households filed taxes in 2022. Persons who filed taxes last year can claim the refund. Tax season has already commenced on 23 January. The refund can be claimed either electronically or on paper.
The citizens who claim a refund on paper should note that it takes six months to process the refund. So, 90% of citizens claim the refund electronically as this method is simple and fast.
Tax filers can e-file their return by visiting the official website of the Internal Revenue Service i.e. irs.gov/. After providing all the necessary information and documents on the website of the Internal Revenue Service, the refund will be directly deposited at the residential address within 21 days.
The last date for an e-filing tax return is 18 April 2023. Some common information, Earned Income Tax Credit (EITC), and Adjusted Gross Income (AGI) has to be submitted while e-filing the tax return on the official website. Make sure that you file the tax return before 18 April so that you get the refund for the taxes paid.
IRS Tax Season Schedule 2023 Overview:
The below-mentioned table will provide you with an overview of the IRS 2023 Refund Schedule:
|Title||IRS Refund 2023|
|Direct Deposit||3 Weeks|
|Mail in return and check||2 Months|
|E-file and Direct Deposit||1 to 3 weeks|
IRS Tax Refund E-file
In the United States, you can electronically file a tax return for free. See, there are two ways you can claim a 2022 tax return.
- Firstly, if your Adjusted Gross Income (AGI) is above $73,000 you need to accept the Guided Tax preparation method.
- Secondly, if your Adjusted Gross Income (AGI) is less than $73,000 you need to adopt the Free File Fillable Forms method. As the name suggests, this e-filing method is free.
Irrespective of whether the Adjusted Gross Income (AGI) is above or below $73,000, an individual can easily file their tax return by visiting the official website of the Internal Revenue Service (IRS) i.e. irs.gov.in.
IRS Direct Deposit Schedule
As per the IRS Refund Update notification, Americans will receive their tax refund amount within two weeks by direct deposit.
To expect a refund as soon as possible, taxpayers should e-file the return as early as they possess the tax documents.
Furthermore, the taxpayer should keep in mind while claiming certain credits whether he/she has any existing loans from the federal government.
Normally, if an individual chose direct deposit, then as per the Internal Revenue Service he/she will receive the refund amount within 21 days of e-filing at their residential address.
Tax season 2023 has already started on 23 January which means that the IRS has started accepting returns.
Additionally, another notification has been stated by the IRS where it is mentioned that the Additional Child Tax Credit or Earned Income Tax Credit (EITC) claimed by the taxpayer while e-filing the tax return is not liable for a refund before the middle of February.
However, in some cases, the refunds are deposited within 10 to 12 days in case of direct deposit. The following mentioned chart is an estimated 2023 IRS Income Tax Return Chart:
|January 23, 2023||February 10, 2023|
|January 30, 2023||February 17, 2023|
|February 6, 2023||February 24, 2023|
|February 13, 2023||March 3, 2023|
|February 20, 2023||March 10, 2023|
|February 27, 2023||March 17, 2023|
|March 6, 2023||March 24, 2023|
|March 13, 2023||March 31, 2023|
|March 20, 2023||April 7, 2023|
|March 27, 2023||April 14, 2023|
|April 3, 2023||April 21, 2023|
|April 10, 2023||April 28, 2023|
|April 18, 2023||May 5, 2023|
Tax Return E-File Last Date
Usually, the last date for e-filing the tax return every year is April 15, but this year the date has been postponed to April 18, 2023.
The reason for delaying the date is that this year on April 15 it is Saturday, and as per the IRS if the tax deadline falls on a weekend then it is postponed to the next working day.
The next working day is April 17 which is a Liberation day in Washington DC, and Liberation Day is recognized as a national holiday for the citizens of Washington DC.
Ironically, IRS is also headquartered in Wahington DC. This is the reason April 18 has been chosen as the last day for filing tax returns.
Taxpayers should e-file the tax return before April 18, 2023. If the taxpayer files the return on April 18, 2023, then the return will be deemed acceptable by the first week of May 2023.
Frequently Asked Questions
1. Can I pay Income Tax after 31st March?
If you are willing to pay Income Tax after 31st March, you also need to pay Interest under sections 234B and 234C.
2. When can I start filing taxes for 2023?
Tax season 2023 has already commenced in January 2023. The IRS has started accepting tax returns from January 2023.
3. What is the last date for income tax e-filling in 2022?
The last date for income tax e-filing 2022 is 31st December 2022, including belated ITR, and revised ITR.
Internal Revenue Service (IRS) has announced the last date for e-filing the tax return i.e. April 18, 2023. Taxpayers who want to claim the tax refund should file the return as soon as possible. It only takes around 21 days to receive the refund in the case of direct deposit.
You can even check the status of your refund on the website. The only thing you need to provide is your Security number in the “Where’s My Refund” tool.