Tax season is kicking into high gear, with some 40 million Americans now having filed their tax returns — roughly a quarter of expected filings. It's also when the IRS starts processing refunds claiming the Earned Income Tax Credit, which it's legally required to hold until mid-February.
Depending on how you file your tax return and how you choose to receive your refund, you can expect to wait anywhere from two weeks to several months. Here are the typical waiting times, according to Ray Martin, a longtime financial advice columnist for CBS MoneyWatch.
Six weeks or more — if you file by paper and request a paper check.
Four weeks or more — if you file electronically and request a refund by paper check.
About 10 business days — if you e-file and elect direct deposit.
The IRS says that 90% of refunds are processed within 21 days. Legally, though, the government could wait much longer.
"The IRS can pay a refund up to 45 days after April 15 without owing interest," said Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center who previously worked at the Treasury and the Congressional Budget Office.