If you’re like most people, you dread tax season. But if you’re expecting a tax refund, you may have something to look forward to. The deadline to submit your tax return and pay your tax bill is April 15, 2024. For those who were unable to meet the tax filing deadline for the year, there was an option to file for a six-month extension. This would put your extension deadline to file your taxes at Oct. 15, 2024, but the sooner you file, the sooner you can receive your tax refund.
Most people will get their tax refund within three weeks of filing, but it varies based on how you file and how you get your refund. If there’s extra money coming your way from the IRS, you may be able to pay off some debt, build an emergency fund using a high-interest savings account, or work with a financial advisor to set investing and retirement goals.
With Direct Deposit, your tax refund can go right into your Core Bank account. Using a Mobile Deposit, you can deposit your checks remotely. It’s super simple and you don’t have to leave home, which is one of the benefits of mobile deposits. All you need to do is take a picture of the front and the back of the check and deposit it via the Core Bank mobile app.
Most taxpayers receive their refunds within 21 days of filing. If you choose to have your refund deposited directly into your account, you may have to wait five days before you can gain access to it. If you decide to request a refund check, you might have to wait a few weeks for it to arrive.
What we’ve covered so far applies to federal tax refunds. As you might expect, every state does things a little differently when it comes to issuing tax refunds and it’s not possible to say for sure when everyone will receive their state tax refunds. Although, state refunds often come faster than those being processed through the federal system.
Generally, you can expect to receive your state tax refund within 30 days if you filed your tax return electronically. If you filed a paper tax return, it may take as many as 12 weeks for your refund to arrive.
If you find that you’re regularly receiving large tax refunds, this may mean that you’re paying too much in taxes in the first place. In that case, you may want to adjust the withholding amounts on your W-4 so you can keep more money throughout the course of the year. Big refunds are exciting, but why give the IRS a free loan?
A good way to make sure your financial future is in good shape is to reduce the amount of debt you have. Paying off a large portion of your credit card and loan balance will dramatically reduce the interest you pay. The more you reduce payments made towards interest, the more money for the future you will have.
If you are looking at different goals such as purchasing a home, you might want to set your refund aside into a savings account for a nice down payment.
Read more about reaching your financial achievements with deposits at Core Bank.