How to Get a Fast Tax Refund Date in 2017
A tax refund can go a long way in changing the life of its receiver, whether it is saving or paying debts. In fact, in 2015, the total tax refund amount was approximately $2800 for almost 75% of taxpayers receiving a tax refund. So, how to do you get your tax refund faster? The recommended way is direct deposit when e-filing for the fastest refund date.
During the last tax season, 58% of taxpayers received their tax refunds through this method. The good news is that the IRS is working to make the process more efficient. They expect to issue more than 9 out of 10 federal tax refunds in a period of less than 21 days after returns have been accepted.
New Refund Policies by the IRS
There are some new policies coming into place. For example, the PATH Act of 2015, which is a new law, requires the IRS to withhold one’s refunds claiming the Additional Child Tax Credit (ACTC) and Earned Income Tax Credit (EITC) until February 15th.
The IRS’s prediction is that taxpayers who claim the ACTC and EITC will receive their refunds around February 27th. It is important to note that this schedule change will only affect a handful of taxpayers.
On January 23, 2017, the IRS will start accepting e-filed tax returns. They encourage the public to file their returns as soon as possible and urge everyone to safeguard copies of their previous year returns. They recommend that taxpayers secure copies of at least three years.
To file electronically this year, a taxpayer will need his or her adjusted gross income (AGI) from last year’s tax return and not the Electronic Filing Pin.
You Can Start on January 4th
TurboTax will start accepting e-filed returns on Wednesday, January 4th. Once a taxpayer files his or her returns, they will be held securely until the IRS opens. Turbo Tax encourages taxpayers to take these strategic steps if they are looking to get a faster refund in 2017.