Will my tax refund be approved if it was accepted? (2024)

Will my tax refund be approved if it was accepted?

Remember, acceptance by the IRS doesn't mean approval of the refund yet—it just means you have made it to the starting line of the refund process.

Will my tax return be approved if accepted?

Accepted means your tax return was received and has passed initial inspection, such as correct Social Security number and correctly claimed dependents. It can take anywhere from a few days to three weeks for your return to go from acceptance to approval.

How long does it take for the IRS to approve a refund after it is accepted?

(updated December 22, 2023) We issue most refunds in less than 21 calendar days. However, if you mailed your return and expect a refund, it could take four weeks or more to process your return. Where's My Refund?

Can IRS deny refund after accepted?

The IRS rejects tax returns after they are FILED all the time. Returns get rejected for containing errors not math related. If the IRS accepts a return after its filed then finds a mistake in the math, it notifies the filer who is then able to correct the mistake.

How long does it take for the IRS to approve a refund after identity verification?

What happens after I successfully verify? We'll process your tax return. It may take up to 9 weeks to receive your refund or credit any overpayment to your account. However, if we find other problems, we'll contact you again and this may delay your refund.

What happens after your refund is accepted?

Monitor Your Tax Return Status

Once you know that your return has been accepted, it's just a matter of waiting. According to the IRS, it takes 21 days or less for the agency to process most tax returns. However, there are instances in which the agency may require more time to deal with an individual return.

What does the IRS look for to approve your refund?

Your income. Your tax withholding. Tax credits you claimed on your return. The withholding claimed on your Social Security benefits.

Why hasn't my refund been approved yet?

An incomplete return, an inaccurate return, an amended return, tax fraud, claiming tax credits, owing certain debts for which the government can take part or all of your refund, and sending your refund to the wrong bank due to an incorrect routing number are all reasons that a tax refund can be delayed.

What day is the IRS releasing EITC refunds in 2024?

Most Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related refunds should be available in bank accounts or on debit cards by Feb. 27 if taxpayers chose direct deposit and there are no other issues with their tax return.

Does the IRS approve refunds on weekends?

Usually, the IRS pays refunds a day before the weekend if the payment date falls on a weekend. But there are some cases in which the payment is done on the very day after the weekend passed, assuming it is not a holiday. In those cases, the payments won't appear until the next business day arrives.

Can your refund be flagged after being accepted?

Key Takeaways. Your tax returns can be audited even after you've been issued a refund. Only a small percentage of U.S. taxpayers' returns are audited each year. The IRS can audit returns for up to three prior tax years and, in some cases, go back even further.

What reasons would the IRS reject your return?

Some common culprits that could cause a rejection are mismatched names, SSNs, employer EINs, electronic signature numbers, or an expired TIN.

Does it really take 9 weeks after identity verification to get a refund in 2024?

(added March 14, 2022) After you verify your identity and tax return information using this service, it may take up to nine weeks to complete the processing of the return. Visit Where's My Refund? or use the IRS2Go mobile app 2-3 weeks after using this service to check your refund status.

Why does it take 9 weeks after identity verification to get refund?

Called to check today since it's past the 21 days, and the representative confirms that everything is verified but it will most likely be nine weeks before anything is issued because that's how long it take their system to get it through processing once there is any identity issue.

Has the IRS started approving refunds in 2024?

Tax season began on Jan. 29, 2024, when the IRS started accepting and processing 2023 tax returns. As of the week ending March 8, the agency has processed about 62 million returns and issued more than 43 million refunds. To date, the average refund issued in 2024 is $3,145.

How do you know if the IRS doesn't approve your refund?

When an e-filed return gets rejected, the IRS will often let you know within a few hours. It also sends a rejection code and explanation of why the e-filed return was rejected.

How do I know if my tax return has been flagged?

Taxpayers whose tax returns have been flagged for possible IDT should receive one of the following letters: Letter 5071C, Potential Identity Theft during Original Processing with Online Option – Provides online and phone options and is issued most widely.

Does the IRS actually review every tax return?

The Internal Revenue Service uses a combination of automated and human processes when selecting which tax returns to audit. All tax returns are compared with statistical norms, and those with anomalies undergo three layers of review by personnel.

Should I be worried if my refund is still being processed?

If you're still waiting on your tax refund, it's possible that your tax return is taking longer for the IRS to process because it requires additional review. There are several reasons why your tax return may be delayed: Errors such as an incomplete filing status.

Why does TurboTax say my refund was accepted but IRS says processing?

Different Statuses: "Accepted" and "Processing" are two different statuses. "Accepted" refers to the status of your tax return, indicating that the IRS has received it [2]. On the other hand, "Processing" refers to the status of your refund, indicating that the IRS is still working on it [2].

What does it mean when TurboTax says your refund has been accepted?

Accepted is the status of your tax return—not your tax refund. Once your return has been accepted (received) by the government, they take over the refund status update duties, since they hold the purse strings. The status in TurboTax will remain as accepted.

How long is it taking to get tax refunds in 2024?

When should I expect my tax refund in 2024?

According to the IRS, most refunds will be issued in less than 21 days after the return has been accepted. Certain things can affect the timing of your refund, including: How you sent your return – Sending your return electronically allows the IRS to process it faster than if you mail it in.

When to expect tax refund with child credit 2024?

For early filers, the IRS told CNET that most child tax credit and earned income tax credit refunds would be available in bank accounts or on debit cards by Feb. 27 for taxpayers who have filed and chose direct deposit -- and there are no other issues with their return.

What day are tax refunds approved?

Most refunds will be issued in less than 21 days. You can start checking the status of your refund within 24 hours after you have e-filed your return. Refund information is updated on the IRS website once a day, overnight. Remember, the fastest way to get your refund is to e-file and choose direct deposit.