2016 Tax Refund Calculator: When Can You File 2015 Taxes, How Long Will Tax Refund Checks Take?
Tax season is upon us and taxpayers who are expecting a refund are anxious to submit their 2015 tax forms and get their refund check in the bank. When will the IRS start accepting returns, how much will you get back, and when can you expect your refund to arrive?
Find a tax refund calculator, the date you can submit your return, free file information, and the IRS 2016 tax refund schedule below.
— IRS (@IRSnews) December 22, 2015
When To File: This year, the IRS will begin accepting returns on January 19. Tax forms are generally available at public libraries, however e-filing your return will speed up your refund. Find Law reports that if you e-file and use direct deposit, you will get your refund in half the time as taxpayers who file by mail and request a paper check.
Free File: When you are ready to file your 2015 taxes, you may be able to use the Free File program. According to the IRS, if you made $60,000 or less, you could be eligible to file your federal taxes for free. Go to IRS.gov/freefile to see if you qualify.
Refund Calculators: Not sure how much your refund will be? Hopefully, you will get a great return and won’t have to pay Uncle Sam. The best way to estimate how much your refund will be (or your tax payment) is to use an online tax refund calculator. Although the results probably won’t be 100 percent accurate, it will give you an idea as to how much money you will (hopefully) see in your bank account.
Two of the most popular tax refund calculators are from H&R Block and Turbo Tax. You don’t have to use their e-file service to get access to the calculators, but you will have to have some basic information handy.
Before you begin, grab the last paystub you received in 2015 so you can determine your income. When you use the calculator, you will also be asked for your filing status – single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child.
IRS Refund Schedule: A confirmed payment release schedule has not been confirmed by the Internal Revenue Service, but they anticipate that 90 percent of the refunds will be issued in less than 21 days.
When you file electronically, you can check the status of your refund by using the IRS’ “Where’s My Refund” online tool. Enter your refund amount, social security number, and your filing status 24 hours after your electronic return was accepted and you will get an estimated refund date. If you file by mail, the information won’t be available for approximately four weeks after the date you mailed in your return.
— IRS (@IRSnews) December 20, 2015
Tax Filing Deadline: Tax day will be a little later this year — good news if you’re a procrastinator. Normally taxes must be completed (and postmarked, if you’re filing by mail) by April 15. The 15th falls on a Friday this year, but AL.com reports that because D.C. is observing Emancipation Day on the 15th, the IRS is pushing out the deadline to April 18, 2016.
Whether you plan to take a vacation, pay off some bills, or stash your refund in the bank, direct deposit is the fastest way to get your refund. It’s also the safest way to get your money — a paper check can be stolen or get lost in the mail. According to Taxpayer Advocate Service, it takes about six weeks for the IRS to replace a lost or stolen check that hasn’t been cashed and even longer for refund checks that were cashed by someone other than the person named on the check.
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