2020 Tax Refund Schedule Dates
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What are the 2020 Tax Refund Schedule Dates?
The IRS used to publish tax refund schedules to give taxpayers guidance on when they might get their refunds.
Unfortunately, they stopped doing that, so we can only estimate based on previous years.
So, in theory, if you file your return at the earliest date through e-filing, usually on January 15th, 2020, you would receive your direct deposit by January 25th or a paper check by February 5th.
When Can You Expect to Receive Your Tax Refund?
That’s the question on everyone’s lips when tax season comes around. The good news is the IRS aims to process all tax refunds within 21 days. The problem is if you claim the earned income credit or additional child tax credit, you’ll need to wait longer.
These two tax credits take longer to process because of the rigorous additional checks the IRS must carry out on applications for them.
Take note these timescales are based on when the IRS receives your forms and your payment method of choice.
Filing your taxes online and opting for direct deposit as your payment method is the fastest way to get your refund.
Get Your Refund Fast With H&R Block Online
H&R Block online tax filing is the most efficient and quickest way to receive your tax refund. Filing with H&R Block also gives you the guarantee that they will help you get the largest refund possible.
Their online filing services have the ability to import your W2 information into your tax return so you can avoid worrying about your forms being delivered by mail.
How Can I Check My Refund Status?
Do you want to know about your refund status? Then you can visit the IRS website. Just click ‘Check My Refund Status.’
Just enter your social security number, the refund amount shown on your return, and your filing status. This only works if you have the exact refund amount on hand, though.
If you’ve entered the information correctly, you’ll get a status update on your tax refund, so you’ll get a better idea about when your money is going to arrive.
What Should You Do with Your Refund?
Consider your financial goals if you don’t already have plans for your refund. Think about how you can use it for paying off debts, meeting your savings goals, or building your emergency fund.
You may want to put it in a high-interest savings account. These are the safest options for preserving and growing your savings fund.
Invest Your Money
Another option you may want to consider is investing. Putting your tax refund into an investment account could help you create a golden financial future for yourself.
Look into the different options for investment accounts as they all come with different qualifications.
Do you have plans for your tax refund yet?