If you have slogged through all of the forms and imputed all of the credits and deductions that you legally may include, and you have filed your federal income tax return, you are greatly anticipating your refund (if you are entitled to one, of course). Waiting for arguably the largest check you will receive this year (outside of your regular paycheck) can be nerve-wracking. However, the IRS has a schedule and they are sticking to it.
Fortunately, such a predictable schedule can give you some hope regarding when you will actually receive your refund. Taxpayers must keep in mind that the federal government will delay refunds to those who claim the earned income tax credit (EITC) or the additional child tax credit (ACTC) until at least February 15, 2017.
If you were one of the many taxpayers who has already filed their return, the upcoming holiday may affect when you will receive your refund. Depending on your bank’s processing times, you may not receive your refund until after President’s Day (February 20).
Aside from the holiday, you should expect your refund within 7-10 business days if you selected direct deposit for your refund. If you are expecting a paper check, the processing time will be much longer; most likely 2-3 weeks. Indeed, processing times may be different if there are problems with your return. Of course, these problems could be avoided if your return is reviewed by an experienced CPA or a tax attorney.
The preceding is not legal advice.