Tax Refund Schedule 2017
Tax Refund Schedule 2017
When January comes around, it’s time to celebrate the new year. But once the celebrations are over, it is back to reality and and it becomes another important time: tax time.
Tax return filing needs to be completed every year, with a few changes occurring every time. It is important to take some time to see if there are any major changes that could affect your return.
Before completing your tax return, make sure you possess and have organize all the necessary paperwork. One suggestion I would have is to create a photocopy of everything that will be submitted, just in the case it’s needed down the road.
Once everything is in order, make sure that any deadlines are not missed. Not completing the tax return filing by the due date could end up costing you in fees and interest.
As of January 23, a refund on a tax return could be received within weeks of submission. I have provided a chart below featuring the tax refund schedule for 2017 based on the date of submission. I have also listed when to expect the tax refund based on if it is a direct deposit or being mailed out.
Tax Return Submitted Between
Direct Deposit Sent to Your Bank Account
Paper Check Mailed Out
|January 23 and 28||February 03||February 06|
|January 29 and February 04||February 10||February 13|
|February 05 11||February 17||February 21|
|February 12 and 18||February 24||February 27|
|February 19 and 25||March 3||March 6|
|February 26 and March 04
||March 10||March 13|
|March 05 and 11||March 17||March 20|
|March 12 and 18||March 24||March 27|
|March 19 and 25||March 31||April 3|
|March 26 and April 01||April 7||April 10|
|April 02 and 08||April 14||April 17|
|April 09 and 15||April 21||April 24|
|April 16 and 22||April 28||May 1|
|Apr 23 and 29||May 5||May 8|
|April 30 and May 06||May 12||May 15|
|May 07 and 13||May 19||May 22|
|May 14 and 20||May 26||May 30|
|May 21 and 27||June 2||June 5|
|May 28 and June 03||June 9||June 12|
|June 04 and 10||June 16||June 19|
|June 11 and 17||June 23||June 26|
|June 18 and 24||June 30||July 3|
|June 25 and July 01||July 7||July 10|
|July 02 and 08||July 14||July 17|
|July 09 and 15
||July 21||July 24|
|Jul 16 and 22||July 28||July 31|
|July 23 and 29||August 4||August 7|
|July 30 and August 05||August 11||August 14|
|August 06 and 12||August 18||August 21|
|August 13 and 19||August 25||August 28|
|August 20 and 26||September 1||September 5|
|August 27 and Sept. 02
||September 8||September 11|
|September 03 and 09||September 15||September 18|
|September 10 and 16||September 22||September 25|
|September 17 and 23||September 29||October 2|
|September 24 and 30||October 6||October 10|
|October 01 and 07||October 13||October 16|
|October 08 and 14||October 20||October 23|
Besides these important dates, you may have other questions regarding filing tax returns.Do you know how to get started and the different methods of submitting your tax return filing? What about how long the refund will take? Will there be any delays, and if so, why? Below are some of the more common questions that you may or may not have thought of and their answers.
When Can I File My Tax Return?
The tax filing season has already begun, starting on January 23, 2017.
When Are Taxes Due?
The deadline to complete your tax return is Tuesday, April 18, 2017. If you are a U.S. citizen and working or living outside the country, there is a possibility of receiving an extension of up to two months.
If you happen to work for the military, there is also a possible two-month extension. A longer extension is also available, depending your on location and duties.
There are even special cases that can receive an extension to October 2017. This is only approved on a case-by-case basis by the IRS.
What Are the Options for Filing a Tax Return?
Depending on your comfort level and experience with filing tax returns, there are many different options that could be used to complete it.
The first is one of the oldest methods used: completing physical paperwork and mailing it in. The second is electronic submission. Free software is provided by the IRS and divided into two forms. The first is for if you earned $64,000 or less in the year 2016, while the second is for those who earned more than that.
– Tax refund filing can also be done by using commercial tax preparation software.
– If completing the tax return becomes overwhelming, there is always an option of having a professional complete the necessary paperwork.
How Long Does It Take to Receive My Tax Refund?
Assuming all the information is completed correctly and submitted online, then the tax refund could be received within 21 days. However, if there are sections that are incomplete or inaccurate on the tax return, it may require further review and take longer than the normal processing time as a result.
If the tax return was completed physically, then the tax refund is expected to be received within six weeks.
Amended tax returns takes eight weeks to receive.
Can the Tax Refund Be Expected in 21 Days or Six Weeks Because I Need Funds for Something Important?
There are many different factors that can affect the tax refund. It could take longer due to holidays, inaccuracies, or delays with the financial institution or mailing service.
The IRS may also take more time to detect and prevent fraud, which may extend the time beyond the 21-day or six-week period.
When Can I See The Status of My Tax Refund?
Once the IRS receives the electronic tax refund filing, the tax refund status should be viewable online within 24 hours. If the paper-based tax refund filing was completed, then you should be able to view it online after four weeks.
How Do I Check the Status of My Tax Return?
Checking the status of the tax return is only a few clicks away. Simply visit the IRS web site and click on “Refund Status” (found here).
Once on the site, there will be information that needs to be filled out, including your social security number, your filing status (single, married, etc.), and the refund amount. Finally, click on “submit” and the desired information will be provided.
What Is Happening When My Tax Refund Shows the Status as “Received?”
It means that the IRS received your completed tax refund and it is being processed.
How Will I Know That My Tax Refund is Being Processed?
When the tax return file is completed, it will appear online as being approved or in “sent” status.
What is Happening if My Tax Refund Shows the Refund’s Status as “Approved?”
It means that your tax refund has been approved. The refund is being prepared to be mailed or sent directly to your bank.
If the refund will be going directly to your bank, then the status will indicate such. You will have to wait five days after the refund has been sent to use the available funds.
If you are waiting for the refund to be mailed to you, it could take several weeks to receive the check.
Does the Tax Refund Status Update Often?
Yes it gets updated on a daily basis, usually at night.
Will Your Tax Refund Status Give You Your Amended Return Status?
No, this information will not be available. To find this info, you must call or see a walk-in representative.
I Requested a Direct Deposit Refund. Why Am I Receiving My Tax Refund as a Paper Check?
There could be a few reasons why this would occur, such as:
– Direct deposits can only be made into a bank account with your name, your spouse’s name, or into a joint account
– The financial institution may have rejected the direct deposit
– No more than three electronic tax refunds can be directly deposited into a single bank account
Why is the Tax Refund Amount Different Than When I Filed My Tax Return?
The tax refund could be used to offset past due federal tax, state income tax, state unemployment, child support, spousal support, compensation debts, and/or other federal debts, such as student loans.
There is also a possibility that there were some errors on the tax return filing and the changes that were made by the IRS.
Are There Any Expected Tax Refund Delays?
Compared to previous years, there will be expected delays. If you are claiming for an Earned Income Tax Credit (EITC) or an Additional Child Tax Credit (ACTC), the entire refund could be held until February 15. Some taxpayers could see a delay until February 27 due to a few factors, such as weekends, the Presidents Day holiday, and the time it takes to process the direct deposit.
Another potential reason for the delay is because the IRS is committing more time to detecting and preventing fraud.
How to Pay the IRS If Taxes Are Owed
If you owe money for taxes there are a different methods that could be used:
– Same-day wire
– Check or money order
– Cash (pay at retailer partner)
– Electronic funds withdrawal (during the e-filing tax return process)
– Electronic Federal Tax Payment System
What Happens If I Owe Money and Am Unable to Pay?
The IRS understands that if a large tax amount is due, the funds may not always be available. That’s why the provide taxpayers a few options for paying owed taxes:
– Monthly installments until the obligations are met
– A deal can be made between you and the IRS if the amount owed it very large.
– Putting in a request that will temporarily delay collection until your financial situation improves
When Should You Call the IRS?
There are a few situations which is best to call the IRS:
– If you filed a electronic tax refund and have not received a direct deposit after 21 days
– If you have completed a paper-based tax refund and have not received your refund after six weeks
– If you need assistance navigating the IRS web site.
How to Possibility Get a Larger Tax Refund
One possible method of increasing your tax refund is by contributing to your 401(k) or an individual retirement account (IRA). This will be a longer-term benefit as well, because it will be used towards your retirement.
Late Filing and Late Payment Penalties
– A failure to file penalty may apply if you did not complete the tax return filing by the deadline (April 18, 2017), while a failure to pay penalty may apply if you did not pay the taxes that are owned by the tax return filing deadline.
The penalty for filing late is normally five percent each month or part of a month on unpaid taxes. The penalty starts the day after the filing’s due date. The maximum that will be charged will not exceed 25% of your unpaid taxes.
If you do not pay your taxes by the deadline, there will be half-percent penalty charged on unpaid taxes for each month or part of a month. The interest starts the day after the tax return filing due date. If both the above fees are charged (five percent and 0.5 percent), the maximum monthly payment will be a flat five percent.
If you file your tax return more than 60 days after the due date or the extended due date; the maximum penalty will be the smaller of $135.00 or 100% of the unpaid taxes.
How to Avoid or Reduce Late Fees
– Complete the tax return by the due date
– If you have requested an extension on your individual income tax return and have paid 90% of the taxes that are owned, there will be no penalties that will occur on the remaining balance. The remaining balance must be paid off by the extended due date
– There will be no late filing or late payment penalties if you can show reasonable cause for not completing or paying taxes on time
– The failure to file penalty is a rule of not filing your tax return by the due date. You can file your tax return, even if you’re not able to pay all the taxes that are owed by the due date. This will reduce the interest penalty. The IRS will work with you by providing options, such as installment payments or negotiating a single smaller payment