When Will I Get My Federal Tax Refund?
MILWAUKEE, Wis. - If you file your federal tax return electronically and specify direct deposit, you can expect to have the refund in your bank account in 21 days. IRS spokesperson Christopher Miller said the best way to go is e-filing.
"Well over 80 percent of us in Wisconsin now file our taxes electronically. Filing electronically is more accurate than filing on paper. The error rate for filing electronically is somewhere in the neighborhood of 1 percent, compared to around 20 percent for filing on paper," Miller said.
Many people are unaware of the IRS Free-File program, he added, a website where people with an adjusted gross income of $58,000 or less can file their federal return for no charge.
"You simply go to our homepage, and on the right-hand side you choose an icon for Free-File. You're taken to a list of 14 brand-name tax software products that you can use to file your taxes electronically for free," he explained."
The IRS homepage is www.irs.gov.
Because of scams going around, Miller also reminded taxpayers that the IRS will not contact them by phone, email or on social media to ask for any personal or financial information such as Social Security numbers or bank account or credit card numbers. In almost all cases, the IRS contacts taxpayers by mail.
According to Miller, far too many filers do not take advantage of the Earned Income Tax Credit, which can save a great deal of money for those who qualify.
"In Wisconsin last year, around 385,000 taxpayers received the Earned Income Tax Credit, and it totaled about $813 million," Miller said. "While many Wisconsin families get the credit, we estimate about 20 percent miss out. That means around 77,000 more families in the Badger State could be taking advantage of this valuable credit."
The IRS also has a new smart-phone app, IRS2Go, that taxpayers may use to check refund status.