Yes, plenty of us wait until the last minute to file our tax returns. But some of you probably filled out your forms when you received your W-2 and other documents to get your refund as soon as possible.
If you filed a paper return at the beginning of February, you should be able to check the status of your refund by now by using the Where’s My Refund tool at IRS.gov. Taxpayers who file electronically can get a status update as soon as three days after the IRS acknowledges receipt of their e-filed return.
For those of you yet to file, the fastest way to get your refund is to have it directly deposited into your checking or savings account. You can do so by providing your account information on your Form 1040.
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Last year, the total amount refunded to individual taxpayers broke the $300 billion mark for the first time. More than 110 million taxpayers got refunds averaging $2,753.
Sure, it feels great to get a big check you can use to pay down debt, fund a vacation or add to a retirement account. But it means you’re handing over too much money to Uncle Sam – money you could use each month to pay bills, buy groceries, invest in stocks or whatever.
Use our Tax Withholding Calculator to see how much you can add to your paycheck by adjusting your withholding.