When Will You Get Your Tax Refund?
According to the IRS, you should receive your tax refund 21 days after they received your tax return. You can check on the status of your refund online 24 hours after you've filed your return online, or 4 weeks after you've mailed in your return. However, it may take longer if your return requires additional review. After reviewing and approving your refund, the IRS will post your personalized refund date online.
If you don't receive your refund after 21 days of filing it electronically or 6 weeks after mailing it in, call the IRS.
What is a Tax Refund?
A tax refund is the money an individual earns if they pay more in taxes than they actually owed.
Ways to Use Your Tax Refund
Getting your tax refund can be an exciting time, especially if you're receiving more money than you originally expected. Here are a few ways to use that tax refund money.
- Pay off some of your debt - credit card, student loans, etc
- Add to your savings
- Start or add to your retirement fund
- Start or add to your emergency fund
- Invest it
- Make a donation to charity
- Replace an item that needs replacing
- Start saving for something big: a car, new laptop, apartment downpayment, etc