What happens after tax return is accepted?
Once your tax return is accepted by the IRS, the process of receiving your refund or making any necessary adjustments to your tax account begins. The timeline for these actions can vary depending on several factors, including the method of filing, the complexity of your return, and the current volume of tax returns being processed by the IRS. Below, we will explore the typical steps that occur after your tax return is accepted.
1. Refund Processing
If you are owed a refund, the IRS will begin processing your return immediately after acceptance. The processing time can range from a few weeks to several months, depending on the factors mentioned earlier. Typically, the IRS aims to issue refunds within 21 days of acceptance for returns filed electronically and with direct deposit.
2. Direct Deposit or Paper Check
Once your refund is processed, you will receive it in one of two ways: direct deposit or a paper check. Direct deposit is the fastest and most convenient method, allowing you to access your refund quickly and securely. If you chose direct deposit when you filed your return, the IRS will deposit the refund into the bank account you provided.
If you did not choose direct deposit, the IRS will mail a paper check to the address on your tax return. Please note that it may take longer to receive a paper check, as it has to be processed and then sent by mail.
3. Notification of Refund
The IRS will send you a notification of your refund through email or mail, depending on the contact information you provided when you filed your return. This notification will include details about your refund, such as the amount and the expected date of arrival.
4. Adjustments to Tax Account
If your tax return is accepted but requires adjustments, the IRS will notify you of these changes. This may involve a change in your refund amount, a balance due, or an underpayment. The IRS will send you a notice explaining the adjustments and the reason for them.
5. Tax Account Balance
After your tax return is accepted and any adjustments are made, your tax account will reflect the current balance. If you owe additional taxes, you will have until April 15th of the following year to pay the balance. If you overpaid your taxes, the remaining balance will be applied to your next tax return or refunded to you.
In conclusion, what happens after tax return is accepted involves processing your refund, sending notifications, making any necessary adjustments, and updating your tax account balance. By staying informed and monitoring your tax account, you can ensure that the process runs smoothly and efficiently.
