Why does TurboTax say approved but IRS says received?
Accepted is the status of your tax return—not your tax refund. Once your return has been accepted (received) by the government, they take over the refund status update duties, since they hold the purse strings. The status in TurboTax will remain as accepted.
Why does TurboTax say accepted but IRS says received?
IRS may have accepted your return for e-filing but have not fully processed it yet. IRS will contact you if there are problems. There are several reasons why it may take a long time to process. Once your return has been accepted by the IRS, TurboTax is no longer involved in the processing.
Why does my tax refund say approved but not sent?
An incomplete return, an inaccurate return, an amended return, tax fraud, claiming tax credits, owing certain debts for which the government can take part or all of your refund, and sending your refund to the wrong bank due to an incorrect routing number are all reasons that a tax refund can be delayed.
What is the difference between approved and received tax returns?
Return Received: The IRS has your tax return and is working on processing it. Refund Approved: The IRS has finished processing your return and confirmed the refund amount. Refund Sent: Your refund is on its way to you either by direct deposit to your bank account or through a mailed check.
How long does it take for IRS to approve refund TurboTax?
IRS approval: The IRS works to review and approve refunds quickly and efficiently. In fact, historically, more than 9 out of 10 refunds are processed and approved within 21 days of e-file acceptance.
How do I know if IRS accepted my tax return?
The most convenient way to check on a tax refund is by using the Where's My Refund? tool. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. The tool also provides a personalized refund date after the return is processed and a refund is approved.
How do you know if your taxes have been accepted?
When you electronically file your taxes, the IRS confirms each tax return with an Acknowledgement Record. It will either indicate “Accepted” or “Rejected.” A “Rejected” status will include a description of what needs to be fixed on the return. You'll have to re-file, but you won't have to pay again with 1040.com.
Why does TurboTax say refund approved but IRS doesn t?
1) It is not a refund that has been accepted, but a tax return, i.e. your report. 2) Turbo Tax is telling you that IRS has accepted the return, i.e. they acknowledge that they have received it, and are now responsible for it. 3) IRS have not finished processing it.
How long after my refund is approved will it be deposited?
(updated December 22, 2023) We issue most refunds in less than 21 calendar days. However, if you mailed your return and expect a refund, it could take four weeks or more to process your return.
How long after tax refund is approved is it deposited?
| Filing method | E-file/Direct deposit | Paper file/Check |
|---|---|---|
| Refund time | 1-3 weeks | 2 months |
What comes after refund approved?
Refund Approved – We approved your refund and are preparing to issue it by the date shown. Refund Sent – We sent the refund to your bank or to you in the mail. It may take 5 days for it to show in your bank account or several weeks for your check to arrive in the mail.
How long does it take for IRS to approve refund 2024?
Taxpayers should make IRS.gov their first stop to get information on filing a tax return. There is information on Choosing a tax professional, IRS Free File, Answers to tax questions and Tips on filing a return. Taxpayers who file electronically and choose direct deposit typically get their refund in less than 21 days.
What happens after your tax refund is approved?
Once you know that your return has been accepted, it's just a matter of waiting. According to the IRS, it takes 21 days or less for the agency to process most tax returns. However, there are instances in which the agency may require more time to deal with an individual return.
What day of the week does the IRS approve refunds?
Day of the week for IRS refund deposits
The IRS typically processes tax refunds and executes direct deposit transactions within 21 days after accepting your tax return. It's common for the IRS to issue refunds on business days, from Monday through Friday.
Will TurboTax let me know when my refund is approved?
If you used TurboTax to e-file your return, you can login to your TurboTax Online account to check the e-file status. After your tax return has been accepted by the IRS, only the IRS can tell you the status of processing that return, whether you owe taxes or are due a tax refund.
How do I know if my tax return was accepted on TurboTax?
Once you submit your return in TurboTax Online, you'll see its status on the Tax Home screen of your account. We'll also send you emails letting you know when your e-file status changes.
Does accepted mean my refund is approved?
'Accepted' is an acknowledgment of receipt and initial screening, while 'approved' signifies that the IRS has verified the accuracy of your tax return. The IRS uses an electronic system to process tax returns filed electronically.
Does IRS approve refunds on weekends?
Usually, the IRS pays refunds a day before the weekend if the payment date falls on a weekend. But there are some cases in which the payment is done on the very day after the weekend passed, assuming it is not a holiday. In those cases, the payments won't appear until the next business day arrives.
Does accepted on Turbotax mean approved?
Accepted means your tax return was received and has passed initial inspection, such as correct Social Security number and correctly claimed dependents. It can take anywhere from a few days to three weeks for your return to go from acceptance to approval.
Is the tax topic 152 good or bad?
Topic 152 is a generic reference code notifying you that your return may require further review and could take longer than the typical 21 days. No additional steps are required.
Why would the IRS not approve my taxes?
Tax returns get rejected frequently because a name or number on the return doesn't match information in the IRS or Social Security Administration databases. Typos and misspellings can be quick and easy to fix. You might even be able to correct the issue online and e-file again.
What time of day does the IRS send direct deposits?
The deposits for direct deposit of refunds are done overnight on Thursday nights so they appear in the bank account on Friday, according to the IRS timetable. The deposits are made one time each week, not every day. It depends on the bank, but generally you can see the deposit in your bank account on Friday morning.
What does it mean when it says we have received your refund and it is being processed?
This means the IRS has your tax return and is processing it.
Has the IRS started approving refunds 2024?
Tax season began on Jan. 29, 2024, when the IRS started accepting and processing 2023 tax returns. As of the week ending March 8, the agency has processed about 62 million returns and issued more than 43 million refunds. To date, the average refund issued in 2024 is $3,145.
Has anyone received tax refund 2024?
How many refunds have been given in 2024? The IRS received more than 54 million tax returns during the first five weeks of this tax season, which began Jan. 29, which is down 1.7% from a year ago. So far, 36,288,000 refunds have been given in 2024, compared to 42,040,000 in the same time frame in 2023.
