Here are 4 things you should know about your tax refund this year

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Here are 4 things you should know about your tax refund this year
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Wondering when your refund check is going to come from Uncle Sam? Wonder no more!

Read more: Top 5 tax refund myths debunked

Here’s when you’ll likely get your money…

Selena Maranjian over at the Motley Fool offers the following chart that has the best educated guess as to when your refund will be available.

Just keep in mind that this chart is no way binding or guaranteed in any way!

Estimated tax refund timeline

As you can see, several factors come into play — if you e-filed or not, if you have direct deposit or not and so on — to determine when your money is likely to show up.

Here are 4 things should know about your tax refund this year

21 days is a ‘normal’ wait time for your refund

Less than 21 days after a tax return is received by the IRS, there’s a more than 90% that a refund will be issued. Twenty-one days is what the IRS defines as a normal timeframe for turnaround of a return.

Claiming certain tax credits will delay your refund

Tax refunds likely to take a bit longer than 21 days are those involving the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). If you claim either credit, there’s a law on the books that requires the IRS to hold the entire refund until Feb. 15.

Assuming there’s no other holdup with your return, you can then expect the funds to make their way to you during the week of Feb. 27. That lag time allows for President’s Day (Feb. 20), a federal holiday during which no business is transacted.

You can use the Where’s My Refund tool to track your refund

The IRS says the best way to determine the status of your refund is to use the “Where’s My Refund?” tool or to download the IRS2Go mobile app.

Refund status is updated once a day, typically during the overnight hours.

A tax transcript won’t show the anticipated date of your refund

The purpose of a tax transcript is to ‘validate past income and tax filing status for mortgage, student and small business loan applications [or] to help with tax preparation.’

Tax transcripts don’t always show the amount or the anticipated date of a refund.

Read more: Why your tax refund will probably be late this year

How to file your taxes for free regardless of your income

Source: How to file your taxes for free regardless of your income by Clark on Rumble

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Theo Thimou About the author: Theo Thimou
Theo is director of content for clark.com. He has co-written 2 books with Clark Howard, including the #1 New York Times bestseller Clark Howard's Living Large in Lean Times.
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