- When the IRS accepts your return, it means that your return has been reviewed and there were no data errors found in your return. Basically, it is informing you that you entered items such as social security numbers and birthdates correctly and your refund can be processed.
- Once your return has been accepted by the IRS, there is nothing else for you to do but wait to receive your refund. Depending upon the method of refund delivery you selected, it could take anywhere from 10 days to two months to receive your return. It takes longer to receive your return if you chose paper check versus direct deposit into your bank account.
- Paper check refunds typically take about 4 to 8 weeks to arrive. However, if you choose direct deposit, it will only take about 10 to 14 days to have your refund in your bank account. If you opted to receive a Refund Anticipation Loan (RAL) from a lender for your refund, then your funds will be deposited with them within 10 to 14 days. Then, according to their disbursement schedule, whatever funds are remaining after loan and fee withdrawal will be released to you.
- After about a week from the date your refund has been accepted by the IRS, you can begin checking on the status of your return. You can do this by logging on the IRS website at www.irs.gov or calling the Refund Hotline at 800-829-1954. Either way you will need to have your social security number, filing status and refund amount ready to enter to get status information.
- Keep in mind that the IRS acceptance does not mean that you have entered everything correctly on your return. There is still the possibility of inaccurately entering your income or taking deductions and exemptions you do not qualify for or even missing credits that you do qualify for. Your errors could give you a bigger or smaller return that you should receive.
