If you’re like most Americans, your tax refund feels like the biggest paycheck you’ll receive all year. Learn when you’ll be receiving your refund in 2019, and how you could hurry that process up.
When it comes to taxes, one of the most important questions we are often asked at Jackson Hewitt is, “Will I get a tax refund?” When the answer turns out to be “YES!,” this good news leads almost immediately to clients asking, “How fast can I get my refund?”
For millions of Americans, your tax refund feels like the biggest paycheck you’ll receive all year so filing your taxes is your most important financial transaction.1
Tax Refund Timing
According to the IRS, most refunds are funded within 21 days of filing. This clock starts after the IRS begins processing tax returns for the year, which is usually at the end of January. In 2019, the IRS opened its doors and started processing returns on January 28. For the upcoming tax season, the IRS will announce its 2020 opening day in the very near future. Please check back for updates.
However, due to the PATH Act, clients claiming the Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit (ACTC), should expect a delay in their refunds. Due to tax laws aimed to protect a taxpayer’s identity, refunds claiming EITC and ACTC will begin funding after February 14, 2020. Also, the refund status for those clients may not be available on the IRS.gov website until Feb 15.
It is extremely important to file early so you can get your refund as soon as possible.
You can check your refund status here.
What was the PATH Act?
Though the PATH Act is nearly five years old, and many other types of tax changes have occurred since then, many taxpayers still have questions about how it impacted them. Passed in December of 2015, the PATH Act had a number of consumer benefits including $620 billion in tax reductions for families and businesses, extending specific tax provisions, and elements designed to protect Americans against identity theft and tax fraud. It gave the IRS more time to review returns with specific tax credits, like EITC and ACTC, and to compare W2 forms from employers against the individual tax return.
Refund Identity Theft
Last year, identity thieves affected 10 million taxpayers, stealing tax refund dollars from hardworking Americans. The IRS initiated a Security Summit in 2016 to combat stolen identity refund fraud (SIRF). Each year the IRS strengthens their systems and processes to protect you, the taxpayer, and your tax return. If you have had your identity stolen, or feel you are a victim of tax identity theft go to irs.gov and The Taxpayer Guide to Identity Theft page.
Will Your Refund Be Delayed?
In the end, how quickly you receive your tax refund depends on when you file your taxes, how you choose to file, and what credits and deductions you might claim. While refunds including EITC and ACTC will be funded no earlier than February 15, you will still benefit by filing early. You are giving the IRS plenty of time to review your return, verify your EITC and ACTC eligibility, and W2 authenticity, which is required before your return is processed. Additionally, filing with a tax professional who e-files is safe and secure and will also save you time.
Tax Credits, Deductions, and Getting Your Biggest Refund
One of the first elements to getting your biggest refund is making sure you don’t miss any tax credits or deductions you deserve. If your circumstances have changed from last year, there may be a number of new credits or tax deductions available to you. Because you may not know that you’re eligible, a Tax Pro can help you make sure you don’t leave any money on the table. Visit our Tax Refund Calculator to get your estimate.
Life Changes and Your Tax Refund
Tax credits and deductions are often connected to major life circumstances, so they may change from year to year based on your personal situation. For example, getting married, having a baby, or retiring could all have an impact on your taxes. Don’t miss out on some of these commonly overlooked areas.
The Fast Way to Get Your Tax Refund
There are a number of ways to get money early. Filing as early as possible will give you a better chance of being in the first round of returns processed by the IRS. Electronic or e-filing gets your return to the IRS quicker than mailing a paper return. The sooner they receive your return, the sooner they can begin processing. Choosing to have your refund directly deposited into your bank account instead of receiving a check in the mail is also faster. Another way to get your refund early is to choose to load it onto a prepaid card. Your refund will be available up to two days faster than standard direct deposit2. Those two days can mean the difference between getting your refund on a Friday or waiting until Tuesday of the following week. It makes a big difference for most of our hard working clients.
Starting your tax season early
If you rely on your tax refund to pay bills, you may be able to qualify for tax time loans. Book an appointment with a Jackson Hewitt Tax Pro. Neighborhood offices will be open beginning December 18, and offices located inside of Walmart stores will open starting December 27.
Early Refund Advance Loan3 & The Holiday Shopping Season
Most taxpayers count on getting a refund as soon as possible, but sometimes, that is not quick enough. For qualifying customers, there are loans available based on the estimated federal income tax refund. Those loans can make a huge difference between the holiday shopping in mid-December, and the estimated refund timing. You may consider applying for an Early Refund Advance, a no fee, 0% APR loan from MetaBank® available to qualifying clients who prepare their taxes with Jackson Hewitt. In January, provide your W-2 or other tax documents to complete filing your taxes and apply for additional Refund Advance loan amounts.
Early Refund Advance, a 0% APR Loan
No W2? No Problem. With Jackson Hewitt, you can start your taxes in December with your paystub or other acceptable income verification. Based on your application and estimated tax refund, you may be able to receive an Early Refund Advance, no fee, 0% APR loan between $200-$500 from MetaBank®. See if you prequalify at jacksonhewitt.com before meeting with a Tax Pro. Loan amounts are dispersed beginning December 18 in as little as an hour when issued on a prepaid card. Terms and conditions apply.
Organize your tax documents before meeting with your Tax Pro for a smooth appointment and to get your refund as early as possible. You can get started with your paystub or other income verification documents at Jackson Hewitt and complete most of the tax interview. Your life situation will determine the tax documents you need to bring –married, have kids, unemployed, small business owner – these things impact your taxes. Here’s a helpful checklist to make sure you have everything you need to file properly.
Getting Your Taxes Done Early
At Jackson Hewitt, we know taxes are complicated. That’s why we work hard to help get you off to a good financial start. Talk to a Tax Pro. Make sure you get the maximum refund you deserve. Understand your options for filing taxes early and getting money as quickly as possible. You can track the status of your refund with a MyJH account – a secure online portal that stores your return. Set up your account here.
Why Jackson Hewitt®?
Our Tax Pros will answer your questions, provide tax tips, and help you get smarter about your money.
Jackson Hewitt is a leader in the tax industry, having prepared millions of tax returns in more than 35 years.
We’re committed to helping you, fast and efficiently. Taxes done how you want and when you want.