I read your column that said the IRS was delaying the start of the tax-filing season because of the government shutdown in October. I’d like to get my refund as soon as possible. When can I file my return?
The IRS pushed back the start of the tax-filing season by ten days because many IRS workers who update and test the computer systems were furloughed during the government shutdown. The IRS will start processing tax returns on January 31, and the fastest way to get your refund is to file electronically and have the money deposited directly into your bank account.
Depending on the day you file, you could receive your refund from seven to 14 days after filing, says Frank St. Onge, an enrolled agent and certified financial planner in Brighton, Mich. (Enrolled agents are licensed to represent taxpayers before the IRS.) If you’d like a paper check instead, you’ll usually get your money within about a month. The IRS says it expects to issue nine out of ten refunds in fewer than 21 days this year.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
You’ll get your money later if you file a paper return. Even if you mail the return earlier, it still won’t be processed until January 31 or later. And it will take six to eight weeks to get a refund. St. Onge recommends filing electronically not only to get your money faster but also because you’ll input the information yourself. When you file a paper return, the IRS inputs the information into its computer system, which can lead to more errors.
You may have to wait a few days after January 31 for tax documents to arrive, especially if you have taxable investments or freelance income. Employers’ W-2 forms are usually available by then, but companies have until January 31 to send out 1099s reporting freelance income. Brokerage firms and mutual fund companies generally have until January 31 to send out their 1099s, too. Also look for Form 1098 from your mortgage lender reporting the mortgage interest and real estate taxes you paid in 2013, plus other paperwork with numbers you’ll need to report income, deductions and credits.
Keep in mind that the shutdown didn’t affect the tax-filing deadline. You still must file your return (or file for an extension) by April 15, 2014. Even if you file an extension, any money you owe is still due by April 15.
You can check on the status of your refund starting 24 hours after you e-file your return (or four weeks after you mail a paper return) by using the IRS’s Where’s My Refund? tool.
And you can avoid the wait for a refund next year and get more money in each paycheck if you increase the number of withholding allowances you claim now. See our Easy-to-Use Tax Withholding Calculator to estimate how many additional allowances you can take. Then file a new W-4 form with your employer, and you’ll see more money in your next paycheck. See How to Prevent a Big Tax Bill for details.
-
AI Stocks Lead Nasdaq's 398-Point Nosedive: Stock Market TodayThe major stock market indexes do not yet reflect the bullish tendencies of sector rotation and broadening participation.
-
Top Tech Gifts to Grab at Walmart Before ChristmasBig savings on Apple, Bose, HP, Vizio and more while there's still time to shop.
-
AI Appliances Aren’t Exciting Buyers…YetThe Kiplinger Letter Artificial intelligence is being embedded into all sorts of appliances. Now sellers need to get customers to care about AI-powered laundry.
-
It’s Not Too Late to Boost Retirement Savings for 2018retirement Some retirement accounts will accept contributions for 2018 up until the April tax deadline.
-
How to Correct a Mistake on Your RMDs from IRAsretirement If you didn't take out the correct required minimum distribution because your brokerage firm made a mistake, the IRS may show some leniency.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
-
Making the Most of a Health Savings Account Once You Turn Age 65
Making Your Money Last You’ll face a stiff penalty and taxes if you tap your health savings account for non-medical expenses before the age of 65. After that, the rules change.
-
Reporting Charitable IRA Distributions on Tax Returns Can Be Confusing
IRAs Taxpayers need to be careful when reporting charitable gifts from their IRA on their tax returns, or they may end up overpaying Uncle Sam.
-
When You Can Expect to Receive Your Tax Refund
taxes The quickest way to receive your tax refund is to file electronically and have the money directly deposited into your bank account.
-
How a Move Can Change Your 529 Plan Tax Deduction
529 Plans The tax deduction you get for contributing to your state’s 529 plan can disappear if you move to another state.
-
Tap an IRA Tax-Free With an HSA Rollover
IRAs You can convert tax-deferred money in a traditional IRA into tax-free cash by rolling it over to a health savings account and using it to pay for medical bills.
