How long to get IRS refund when filing electronically - incl. TeleFile?
Q.Has anybody received their refunds check from the IRS yet? THREE QUESTIONS: 1. If you filed electronically, such as with Turbo Tax, how long did it take? 2. If you filed over the phone using TeleFile, how long did it take? 3. Was the check mailed or was it a direct deposit? Thank you in advance.
A.It takes a MINIMUM of 2 IRS computer cycles for the IRS to process a return. A cycle is 1 week, and the cutoff for the weekend's cycle (the "master file" update is on Saturdays) is Thursday at noon. Suppose one mails the return on Friday, 1/29/99. The IRS receives it on Monday, 2/1. If they input it before 2/4 at noon, then it counts for that cycle. Information goes to be processed in West Virginia. Second weekend, the information is returned (there's your 2 cycle minimum) or a reject notice is issued (2 returns under the same SSN - happens mainly with illegal aliens). Refund is therefore ready by the week of 2/15. If one gets a paper check, IRS refunds print on Fridays (2/19) and the check would arrive on 2/22. Electronic filing: Slightly shorter time since one knows it is filed when the electronic confirmation comes back successful. Still a Thursday @ noon cutoff. Telefile should take the same time. Electronic Deposit: Slightly shorter since there's no delay for a paper check. Therefore, for both an electronic filing with direct deposit of the refund, I say 2 or 3 weeks. For an all-paper transaction, 4 weeks, if everything is timely processed. Much longer as the backlog grows as one approaches April 15. ---------- The only time I had an electronic deposit of a refund was back in 1995. I had filed on January 31 and my bank didn't receive the deposit until May 27, even though the refund had been authorized by March 6. In following up, the IRS indicated that there was no problem with the Bank's RTN, account #, or my name - they never figured out the problem. Because of this, I do advise my clients NOT to ask for direct deposit of a refund. Perhaps this glitch won't happen again, but why ask for trouble?
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