What Can I Expect From My Tax Refund?
By: Published: December 23, 2019
Taxes can be really confusing. There is so much subtle lingo involved in each step of the process that it’s easy to get thrown through a loop. But besides asking yourself the annual questions of, “Am I doing this right?” and “What does that mean?,” I think we all have the same questions in the end. Will our returns be bigger than last year? When will I get my return? Those questions do have answers. However, if every year you ask yourself if you’re going to get audited, then you may want to start this year by hiring a tax professional.
Will your refund be bigger?
If your financial situation stayed consistent with last year, then you may be able to expect a similar refund as you received in 2019.1 However, your tax liability can vary based on your financial situation and tax changes. Circumstances that may trigger receiving a larger refund could be how much in taxes you withheld from your paycheck in 2019 compared to 2018 or if you had a child or other additional dependents. Other factors that can impact your tax liability include past-due child support, federal agency non-tax debts, state income tax obligations, or unemployment compensation debts owed to the state, to name a few examples.2
When will you receive your refund?
The tax return chart below, provided by WHO, is an illustration of when you may receive a federal tax refund. This can be impacted by late changes in tax laws. Keep in mind that if you file your return during peak tax season, which is the first two weeks of March, then you could also experience a delay. Your best bet for a fast return is to file your taxes electronically before the third week of February. But if you don’t mind waiting, filing in April may minimize any refund delays. Also, those who file electronically typically receive their refund three to four weeks sooner than those who mail in their tax returns.
| File Between | Receive By | File Between | Receive By | File Between | Receive By |
| 1/20/20 – 1/24/20 | 1/31/20 | 2/29/20 – 3/6/20 | 3/20/20 | 4/18/20 – 4/24/20 | 5/8/20 |
| 1/25/20 – 1/31/20 | 2/7/20 | 3/7/20 – 3/13/20 | 3/27/20 | 4/25/20 – 5/1/20 | 5/15/20 |
| 2/1/20 – 2/7/20 | 2/14/20 | 3/14/20 – 3/20/20 | 4/3/20 | 5/2/20 – 5/8/20 | 5/22/20 |
| 2/8/20 – 2/14/20 | 2/21/20 | 3/21/20 – 3/27/20 | 4/10/20 | 5/9/20 – 5/15/20 | 5/29/20 |
| 2/15/20 – 2/21/20 | 2/28/20 | 3/28/20 – 4/3/20 | 4/17/20 | 5/16/20 – 5/22/20 | 6/5/20 |
| 2/22/20 – 2/28/20 | 3/6/20 | 4/4/20 – 4/10/20 | 4/24/20 | 5/23/20 – 5/29/20 | 6/12/20 |
| 2/29/20 – 3/6/20 | 3/20/20 | 4/11/20 – 4/17/20 | 5/1/20 | 5/30/20 – 6/5/20 | 6/19/20 |
Sure, taxes are one of those unpleasantries of life and it can be difficult to know what to do. But, if you want something that is necessary but easy, give Good2Go Insurance, Inc. a try! We make car insurance cheap, easy and fast so it’s one less thing for you to worry about. And, if you’re currently uninsured, your tax refund is a great way to get start driving again…legally and for less. Visit www.Good2Go.com or call 1-855-646-4661 today for a free, no-obligations quote on minimum limits car insurance!
2https://www.irs.gov/taxtopics/tc203
