Tax Refund Schedule Updated

We updated our IRS E-File Cycle Chart today to account for the IRS changing the payout dates from Thursday to Wednesday. Check out the changes and please let us know if you find any problems.
2015 IRS Tax Refund Schedule.
Having trouble with the IRS Where's My Refund tool? Here are some handy tools to decipher your way around this.
How to read your IRS tax account transcript.
Tax Topic 151
Tax Topic 152
Tax Topic 203
Tax Topic 452


Other helpful tools:
Where's My State Refund? State Tax Return Information
Estimate your tax return online
File your Taxes for Free Online
Affordable Care Act and It's affect on your taxes

Updated for the 2014 Tax Year (2015 Tax Season)

One of the most pressing questions in the life of an early tax filer – when can I expect my tax refund to come? Before e-filing, this was always difficult to predict. First, you mail in your return. Then someone inputs all your information (and later, computers scanned in your information), then the Treasury had to issue a check, which was then mailed to you. Now, with a free IRS e-file, you can get your refund in as little as 8 days from when you file, if you elect for direct deposit.

For 9 out of 10 taxpayers, the IRS issued refunds in less than 21 days from the date the return was received last year.

For the 2015 tax filing season, the IRS announced that it will start accepting eFile and paper returns on January 20, 2015. You can find the press release here.

2015 Tax Refund Calculator

2015 Tax Refund Calculator - 2015 tax refund estimator

 

2015 Tax Refund Calculator - Get your 2015 tax refund estimator here

 

CALCULATE YOUR 2015 REFUND - 2015 Tax Refund Calculator 

We want to make sure you get every dollar you're entitled to. Our 2015 Tax Refund Calculator should help you prepare for next year. 2015 Tax Refund Calculator is found here.

• Our Tax Estimator calculates your refund or how much you'll owe in taxes.
• The W-4 Calculator helps you understand your refund amount or balance due from your current W-4.
• Estimate how the Affordable Care Act may affect you with our Health Care calculator.

This tax calculator is solely an estimation tool and should only be used to estimate your tax liability or refund. It should not be used for any other purpose, such as preparing a federal income tax return, or to estimate anything other than your own personal tax liability. We do not save the information you enter.

This tax calculator is provided on an as-is and as-available basis. We make no warranty for any use of the calculator, including its accuracy or completeness. Your use of the calculator indicates your acceptance of these terms. 2015 Tax Refund Calculator is found here.

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IRS already cut billions in tax refund checks

Millions of taxpayers have already received big refund checks, as the 2014 tax filing season seems to be humming along without a hitch. IRS issuing many refund checks already.

The Internal Revenue Service announced today that it issued $64.5 billion in refunds to 19.5 million taxpayers as of Feb. 7, a total dollar amount that was up 24% from the same time last year. The average refund check issued this year, $3,317, is also 4.6% larger than last year.

It’s not too surprising that this filing season is running more smoothly than last year, when the IRS lagged the previous year’s pace for issuing refunds throughout most of the filing season. The agency had to put off accepting certain tax forms until as late as March because it was updating its systems following the tax-code revamps caused by the fiscal-cliff legislation.

But taxpayers are also submitting their returns more quickly. The IRS received more than 27 million returns as of Feb. 7, up 2.5% from the same time in 2013. Nearly 96% of those were filed electronically. Samuel Hale, 21, a college student near Fort Worth, Texas, says his refund was deposited into his checking account Friday morning, a week after he filed his return electronically using online software. “I was very surprised,” says Hale, who couldn’t file his return until April last year because of a missing W-2 form.

In an interesting shift, the data shows more taxpayers are doing their own returns so far this tax season. Roughly half of the returns submitted, or 13.3 million, were self prepared, up 14.7% from last year. Typically, about 60% of returns are handled by a tax pro, according to IRS data.

Of course, not all taxpayers have been able to file their returns yet. Some people are still waiting on paperwork from their brokers, employers or colleges that they need to report all income and claim certain tax breaks. And some people aren’t eager to file their returns. Taxpayers who need to cut a check to the IRS generally wait until closer to April 15 to file.

Taxpayers can track their refunds using the  “Where’s My Refund?” tool starting 24 hours after filing electronically, or four weeks after mailing in a return. About 90% of refunds are issued within 21 days, though some may be delayed if there is an issue with the return.

Discuss this and more on the Income Tax Forums.

IRS announce several thousand payouts on or before February 6th 2014

I.R.S. have finally updated their Where's My Refund tool. They will be unloading millions of dollars over the next few days to taxpayers.

We have received news that the I.R.S. updated their Where's My Refund webpage last night at 12 A.M.. Thousands of people have their Direct Deposit date sets to "on or before February 6th, 2014". This means that the February 5th payout date is still correct. They will send the funds to the bank on Monday and the funds will be set to be direct deposited on Wednesday February 5th 2014. This will give your bank time to handle the huge load of all of the transfer they receive of millions of dollars over a day period.

Please check the I.R.S. Where's My Refund webpage and then be watching your bank account for the direct deposit. We strive to keep our schedule as accurate as possible and hope that you have enjoyed reading.

We are compiling a list of refund dates for 2014, so please visit this post and comment when you were accepted versus when you actually received your refund. Please like us on Facebook, follow us on Twitter, tell your friends about us.

Thank you.

When to file your 2012 Income Tax Return

 When should you file your 2012 Income Tax Return?

The tax law sets deadlines for filing 2012 income tax returns. However, there is room to maneuver, and the time you choose to file depends on your personal situation. Here are some guidelines to help you decide on the best time for you to file your return. File early The filing season for 2012 income tax returns officially opened in end of January 2013 when the IRS began to accept electronically-filed returns. Most individuals do not file before the beginning of February in order to receive information returns, such as W-2s and 1099s, which are usually sent to taxpayers at the end of January; this information is needed to complete the return. There are some compelling reasons to file as early as possible, once the necessary information is available: • To receive a tax refund. If you overpaid your 2012 taxes, the longer you wait, the longer the government has the use of your money on an interest-free basis. Usually, you can expect to receive your refund within 72 hours after IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. However, the IRS has recently indicated that some refunds may be delayed a week or two due to security measures against fraud. • To apply a refund to 2012 IRA or HSA contributions. You can direct the IRS to transfer your refund directly to an IRA or Health Savings Account (HSA) for 2012, assuming you are eligible to make a contribution. If you want the refund to be used for a contribution that will be deducted on the 2012 income tax return, the return must be filed early enough to ensure that the transfer is complete before April 15, 2013, the deadline for a 2012 contribution. Use Form 8888 to indicate the account to which you want your refund transferred; you can split the refund into as many as three accounts. • To get the filing obligation behind you. Many taxpayers dread income tax filing, so the sooner they complete the task, the better off they feel. April 15 The deadline for filing the 2012 income tax return is April 15, 2013. The majority of taxpayers file by this date; it avoids the need to request a filing extension. Even if you normally might ask for an extension because you don’t get around to completing the return by this date, you may have to force yourself to do so in certain situations, such as: • Needing a completed tax return for financial aid purposes if you, your spouse, or your child is in or will attend college. • Needing a completed tax return if you want to refinance your mortgage. If, for any reason, you want more time, you have to request a filing extension by April 15. This is done on Form 4868. But beware: The extension only gives you more time to file the return, not to pay taxes owed. If you obtain a filing extension, pay as much of the tax you owe to minimize or avoid underpayment penalties. October 15 The final day to file your 2012 income tax return is Oct. 15, 2012, assuming you’ve received a filing extension. If you file after this date, you’ll owe late filing penalties. This date is also the last day to file electronically. If you miss the deadline, you’ll have to submit a paper return. There are no IRS indications or taxpayer anecdotes to show that filing by this date creates any additional audit exposure. So take advantage of this extra time to file if you need it for such reasons as: • Family problems. If there’s an illness, a move, or other personal issues distracting you, take the extra time—to October 15—to file the return. • Obtaining missing information. For example, if you’re an owner in an S corporation, partnership, or limited liability company, you may not receive until September 15 the Schedule K-1 indicating the share of income and expenses you claim on your return. • Funding a SEP retirement plan if you are self-employed.You may not have the cash before this date to make your contribution. Final thought: When in doubt about the best time to file your return, talk to a tax advisor in your area or online.