How to keep track of your tax refund

Getting a tax refund can feel like the silver lining of tax season. The only problem is, they’re kind of a mystery. You might find out that you’re getting a refund, but figuring out how soon or when you’re going to get it is a bit more difficult to figure out. 

This can be frustrating and stressful, especially depending on how you plan to use the money once you get it (we’re biased, but investing is a great option!) you may have some debt that you want to use it toward, or treating yourself to something – whatever you plan to do with it, it’d be helpful to know when it was coming! 

But the days of your refund being a complete mystery are actually in the past. Thanks to some newer technology (and one tried and true method) there are actually a few ways to keep track of when to expect your refund either by direct deposit or check. 

Am I going to get a tax refund?

Well, that depends. A tax refund happens when you’ve overpaid your taxes throughout the year, either through paycheck withholding, tax credits or other deductions.

Once you file your taxes, the IRS (internal revenue service) begins processing. Your refund timeline depends on a few factors:

• Filing method: e-filed returns are processed faster (usually within 21 days), while paper returns can take up to six weeks.

• Accuracy of your return: errors or incomplete information can delay processing, which will delay your refund.

• IRS backlog: high volume of tax refunds, especially those filed closer to the deadline during peak season, may cause delays. 

With this information in mind, we’ll break down a few of them below to help take the questioning out of tax season.

1. Use the IRS’s “Where’s My Refund?” Tool

The IRS offers a convenient online tool called “Where’s My Refund?”, which is available on both desktop and mobile. To use:

• Visit IRS.gov.

• Enter your Social Security Number (SSN), filing status, and the precise refund amount listed on your tax return.

The tool provides updates for three processing phases:

• Return Received

• Refund Approved

• Refund Sent

2. Try the IRS2Go Mobile App

The IRS2Go app makes tracking even easier. It’s available for iOS and Android, and allows you to:

• Check refund status on the go

• Access tax tips

• Make payments, if needed

3. Call the IRS Directly

If you’re unable to access online tools, you can call the IRS’ Refund Hotline at 800-829-1954 for updates. Be prepared with your:

• Social Security Number

• Filing status

• Refund amount

Keep in mind that wait times can be long, especially during peak filing season.

Common tax refund issues (and solutions!) 

Using these tools does not guarantee that you’ll know for sure the precise timing of your refund. Here are some common error messages you might find in your journey, and how to handle them. 

Issue 1: “Refund Status Not Available”

• Cause: Your return hasn’t been processed yet.

• Fix: Wait 24 hours after e-filing, or 4 weeks after mailing a paper return, before checking again.

Issue 2: Refund Delays

• Cause: Errors, incomplete forms, or special handling like identity verification.

• Fix: Check for IRS notices in the mail and follow instructions.

Issue 3: Refund Sent, But Not Received

• Cause: Issues with your bank or incorrect direct deposit information.

• Fix: Contact your bank to confirm deposit details or wait 5 days after the IRS marks it as “sent.”

You may be a person who thinks tracking your tax refund matters all that much, but knowing when it’s coming and being able to account for the money and what you plan to do with it is better for your financial health on the whole. It helps you plan for savings, investments or debt repayments, ensures timely access to funds and provides you with a clear picture for monthly budgeting moving forward. 

Being proactive about tracking your refund ensures you’re prepared to use the funds effectively when they arrive.

The bottom line 

Tracking your tax refund doesn’t have to be a mystery. Using the tools provided above and armed with the knowledge of what you might run into along the way, you can use your refund strategically to improve your financial health and make better informed financial decisions. 

Start taking charge of your financial future today by exploring more resources on Stash.com.