Today, January 28th is the opening day of tax season for calendar-year 2018 tax returns. This means that the IRS is officially accepting electronic tax returns and taxpayers can begin submitting their federal returns today.
The IRS says that refunds should be received within 21 days for 90% of filers. However, there are some exceptions. If you file a tax return and claim the earned income credit or the additional child tax credit, the earliest you will see a refund is February 27th, 2019. This is because the law requires the IRS to hold onto these types of refunds for a longer time due to the high incidents of fraud associated with these returns. If you owe this year, your payment is due by April 15, 2019 regardless of whether you complete your tax return or file for an extension.
While the government has been reopened after a long shutdown, they were still set to remit tax refunds to taxpayers during the close. Many IRS workers who were ordered back to work to process refunds stayed home, so it is unknown how this would have impacted the timeliness of refunds.
Another factor you may need to consider is that your state may not be ready to file. Many states are rushing to finish finalizing their tax forms for the changes in the new tax laws so they will not be ready to accept forms for a while longer. This will vary on a state-by-state basis so check with your tax preparer or your state department of taxation to learn more about when you can file.
While the government has been reopened after a long shutdown, they were still set to remit tax refunds to taxpayers during the close. Many IRS workers who were ordered back to work to process refunds stayed home, so it is unknown how this would have impacted the timeliness of refunds.
Another factor you may need to consider is that your state may not be ready to file. Many states are rushing to finish finalizing their tax forms for the changes in the new tax laws so they will not be ready to accept forms for a while longer. This will vary on a state-by-state basis so check with your tax preparer or your state department of taxation to learn more about when you can file.
