Tax Season 2023: When to Expect Your Refund and How to Track It

Tax season officially commences on Monday, with the Internal Revenue Service (IRS) accepting tax returns. Notably, a significant portion of Americans anticipate receiving refunds this season.

A survey conducted by Qualtrics for Intuit Credit Karma revealed that over a third of taxpayers rely on their tax refunds to fulfill their financial obligations. This reliance is particularly evident among millennials, with 50% depending on refunds.

The survey, which surveyed 1,000 U.S. adults, identified the following key factors contributing to the reliance on tax refunds: rising cost of living and necessities (45%), inflation (41%), living paycheck to paycheck (37%), and depleted savings (21%).

When to Expect Your Tax Refund

The timing of your tax refund depends on the filing method and refund preference.

Electronic Filing:
* Accurate and complete returns processed within 3 weeks
* Direct deposit within a shorter period

Paper Filing:
* Refund issued within 6-8 weeks of IRS receipt, assuming accuracy and completeness

How to Track Your Tax Refund

To track your tax refund:

1. Visit the IRS website
2. Enter your:
* Social Security number or ITIN
* Filing status
* Exact refund amount

The IRS updates refund status daily. Once your refund is marked as sent, it may take 5 days to appear in your bank account or several weeks for a check to arrive.

Note: If the IRS requires additional information or review of your return, a letter will be sent and your refund may be delayed.