What is a tax refund?
A tax refund is a repayment from the government because you have paid more income tax than necessary. In the US, payments are delivered via the IRS.
Will I get a tax refund?
Most Americans get tax refunds every year, but it completely depends on whether IRS calculations suggest you’ve overpaid your income tax or not.
When will taxes be refunded?
When your tax refund in 2020 will become available depends on when your tax returns were filed. You should receive your tax return documents by February 2020 and your tax return should be submitted by April 15.
On average, the IRS will provide any tax refund you’re eligible for 21 days after they receive your tax return.
2020 IRS Tax Refund Calendar
|Direct Deposit Sent||
Paper Check Mailed
Jan 21 - Jan 25, 2020
|Feb 7, 2020||Feb 14, 2020|
Jan 26 - Feb 1, 2020
|Feb 14, 2020||Feb 21, 2020|
Feb 2 - Feb 8, 2020
|Feb 21, 2020||Feb 28, 2020|
Feb 9 - Feb 15, 2020
|Feb 28, 2020||Mar 6, 2020|
Feb 16 - Feb 22, 2020
|Mar 6, 2020||Mar 13, 2020|
|Feb 23 - Feb 29, 2020||Mar 13, 2020||
Mar 20, 2020
|Mar 1 - Mar 7, 2020||Mar 20, 2020||
Mar 27, 2020
|Mar 8 - Mar 14, 2020||Mar 27, 2020||
Apr 3, 2020
|Mar 15 - Mar 21, 2020||Apr 3, 2020||
Apr 10, 2020
|Mar 22 - Mar 28, 2020||Apr 10, 2020||
Apr 17, 2020
Mar 29 - Apr 4, 2020
|Apr 17, 2020||
April 24, 2020
Apr 5 - Apr 11, 2020
|April 24, 2020||
May 1, 2020
Apr 12 - Apr 18, 2020
|May 1, 2020||
May 8, 2020
|Apr 19 - Apr 25, 2020||May 8, 2020||
May 15, 2020
|Apr 26 - May 2, 2020||May 15, 2020||
May 22, 2020
How long does it take to get my tax refund?
The time it takes to receive your tax refund varies. Check is one of the slowest methods of receiving a tax refund as it can take around three weeks to arrive after its been issued.
There are three main ways that you can get your refund:
- Direct deposit
- Savings bond
The option you choose will determine how long your money takes to get to you. For more information on cashing your tax refund check, visit our page.
How to check your tax refund
You can monitor the progress of your tax refund using the IRS Where’s My Refund tool.
You’ll need your Social Security Number, the filing status and exact refund amount. You should only contact the IRS if you’ve been waiting more than 21 days for your refund.
Could my tax refund be delayed?
There’s a chance your tax refund could be delayed if some of the information you submitted was incorrect. If the Social Security Number or name on your return doesn’t match the details on IRS records, your refund may take longer.
Forgetting to include attachment forms or making mistakes in your calculations could also increase the time it takes.
Benefits of getting a tax refund on a prepaid card
Prepaid cards are one of the fastest ways to get your tax refund. All you need to do is purchase a card from a Kroger Money Services counter and then fill out the relevant sections of your 1040 return form. As soon as the payment is released by the IRS, your prepaid card will be topped up.
Getting your tax refund onto a prepaid card can have many advantages – safety, speed and ease of saving are just some of the benefits:
1. Keep your money away from your regular account
Having extra money in your account may not seem like a bad thing – but you can easily end up spending your tax refund like your ordinary wage. Keeping your refund separate can help you save it for a special occasion or important purchase.
2. Access your refund sooner
Prepaid cards allow you to access your refund quicker than checks, which can take longer to arrive. Your tax refund will be automatically added to your prepaid card balance once available.
3. Prepaid cards are safer than cash
Prepaid cards can be safer than cash. If you’ve received a significant refund, you may not want to carry it around with you or store it at home.
4. Access benefits and perks
Prepaid cards often have perks or benefits. For example, a Fred Meyer Rewards® Prepaid Visa® offers free groceries and discounts on fuel. A Green Dot 5% Cash Back Visa® Debit Card offers 5% cashback. Browse our range of prepaid reloadable cards here.
Benefits of getting a tax refund
Getting a tax refund means you have a lump sum of money that can be deposited directly into your savings account. This means you can make a big jump towards your saving goals and be more prepared for any unexpected payments that may surprise you.
If you are one of the many Americans that get tax refunds nearly every year, creating this habit can be a great way to create substantial savings with little effort.