2020 Tax Refund Schedule: Everything You Need To Know
Tax season is right around the corner and it’s time to start preparing for the 2020 tax refund schedule. Knowing your tax refund schedule can help you plan ahead and make sure you’re getting the most from your tax return. Here’s everything you need to know about the 2020 tax refund schedule.
When Is the 2020 Tax Refund Schedule?
The 2020 tax refund schedule is set to begin on February 24, 2020. This is the date that the IRS will start accepting and processing tax returns for the new year. Once the IRS starts accepting returns, it usually takes about three weeks for refunds to be processed. Depending on the complexity of your return, it could take longer for your refund to be processed.
How to Prepare for the 2020 Tax Refund Schedule
Before you start filing your taxes, there are a few things you should do to prepare for the 2020 tax refund schedule. First, make sure you have all of the necessary documents and paperwork required to file your taxes. This includes your W-2 forms, 1099 forms, and any other documents related to your income. Next, make sure you have the correct filing status. You can choose from single, married filing jointly, head of household, or married filing separately. Finally, make sure you have all the correct deductions and credits you are eligible for. This can help you get the biggest tax refund possible.
Tax Refund Direct Deposit
Another way to prepare for the 2020 tax refund schedule is to set up a tax refund direct deposit. This allows you to have your refund deposited directly into your bank account. This can help speed up the process of receiving your refund. To set up a direct deposit, you will need to provide the IRS with your bank routing and account numbers. You can also set up a prepaid debit card account to receive your refund.
Checking the Status of Your Refund
Once you’ve filed your taxes, you can check the status of your refund by visiting the IRS website. You can also use the IRS’s Where’s My Refund tool to check the status of your refund. This tool will give you an estimated date when you can expect your refund. You will need your Social Security number, filing status, and exact refund amount to use the tool.
Filing an Amended Tax Return
If you discover an error on your tax return, you can file an amended tax return. This can help you get the right refund amount. An amended return should be filed within three years of the original filing date. It can take up to 16 weeks for an amended return to be processed and the refund to be issued.
Tips for the 2020 Tax Refund Schedule
Here are some tips to help you make the most of the 2020 tax refund schedule: Start preparing early. The earlier you start preparing your taxes, the more time you will have to get everything in order and ensure that you are getting the biggest refund possible. Also, consider filing electronically. Electronic filing is faster, more accurate, and more secure than paper filing. Finally, make sure you keep copies of all your documents. This will help you if you ever need to file an amended return.
Conclusion
Knowing the 2020 tax refund schedule can help you plan ahead and make sure you get the biggest refund possible. Make sure you have all the documents and information you need before you start filing your taxes. You can also set up a direct deposit or use the IRS’s Where’s My Refund tool to check the status of your refund. Finally, consider filing electronically for faster and easier processing.