Tax Refunds 2023: Here’s When to Expect Your Money from the IRS

Tax Refunds 2023 has begun and the Internal Revenue Service (IRS) has started accepting and processing 2022 tax returns.

Tax Refunds 2023 amount depends on a variety of factors, including an individual’s income, tax deductions, and credits, as well as any taxes owed.  (Photo: CBS News)


When should you file taxes?

Taxpayers are urged to file their taxes as soon as possible to avoid any last-minute snares and mistakes and to ensure a smooth filing process. However, taxpayers who received special inflation-related tax relief or payments from their state last year, such as Alaska, California, and Virginia, are advised to wait for further guidance. The IRS recommends delaying filing until further guidance is provided to avoid the need for amended returns.

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According to Forbes, in addition to submitting a paper return, other factors such as filing an amended tax return or attaching an application for an individual taxpayer identification number (ITIN) could cause delays in the processing of your tax return. To ensure a smooth filing process, the agency reminds taxpayers to double-check their personal information and tax documents for accuracy and avoid numerical or calculation errors.

When can you expect your 2022 tax refund?

The IRS website states that taxpayers who file electronically and choose to receive their refund through direct deposit can expect to receive their 2022 tax refund within 21 days, as long as their return contains complete and accurate information. However, if a taxpayer claims an Earned Income Tax Credit or Additional Child Tax Credit, the IRS cannot issue their refund before February 18th, although they will still accept the return.

How to check your refund status?

To check the personalized estimation of their refund status, taxpayers can use the Where’s My Refund? the tool on the IRS website, requiring their social security number, filing status, and the exact tax refunds 2023 amount on their return. By taking these measures, taxpayers can give themselves the best chance at quickly receiving their tax returns.

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