How Long After IRS Receives Return is It Approved?
The IRS (Internal Revenue Service) plays a crucial role in processing tax returns for individuals and businesses in the United States. One of the most common questions that taxpayers have is how long it takes for the IRS to approve their tax returns after they have been received. Understanding this timeline can help taxpayers plan their finances and anticipate when they can expect their refunds.
Timeline for IRS Return Approval
The time it takes for the IRS to approve a tax return can vary depending on several factors, such as the type of return, the method of filing, and the complexity of the return. Generally, the IRS aims to process most tax returns within 21 days after they are received. However, this timeline can be extended due to various reasons.
Factors Affecting Return Approval Time
1. Type of Return: The IRS processes individual tax returns (Form 1040) faster than business tax returns (such as Form 1120 or 1120S). This is because individual returns are typically simpler and require less scrutiny.
2. Filing Method: Tax returns filed electronically are processed faster than those filed on paper. The IRS states that e-filed returns can be processed within 21 days, while paper returns may take up to six weeks.
3. Complexity of Return: Returns with complex calculations, large adjustments, or errors may take longer to process. Additionally, returns that require additional review or verification, such as those claiming certain tax credits or deductions, may experience delays.
4. Refund Amount: The amount of the refund can also impact the processing time. Larger refunds may take longer to process, as the IRS ensures that the correct amount is being refunded.
Tracking Your Return Status
To keep track of your tax return’s status, you can use the IRS’s “Where’s My Refund?” tool. This online tool allows you to check the status of your refund within 24 hours after the IRS has received your e-filed return or four weeks after you have mailed your paper return. Simply enter your Social Security number, filing status, and the amount of your refund to access your return’s status.
Conclusion
Understanding how long it takes for the IRS to approve a tax return can help taxpayers plan their finances and anticipate when they can expect their refunds. While the IRS aims to process most returns within 21 days, various factors can impact the timeline. By using the “Where’s My Refund?” tool and being aware of the factors that can cause delays, taxpayers can stay informed about their return’s status.
