Tax-return filing season started Jan. 23, and that means refunds aren't far off for most taxpayers.
About two in three households received refunds on their federal and state returns last year, and for some people it's the biggest chunk of change they will get all year.
Refunds averaged around $3,039 for federal returns last year, and they averaged $738 in Arizona. However, the proportion of people receiving refunds and the amounts paid are expected to drop this year because of the scaling back or elimination of some popular deductions and credits.The Internal Revenue Service says most federal refunds could come within 21 days of filing. The Arizona Department of Revenue said state refunds could be available in as little as two weeks.
Federal refunds on returns claiming the EITC or earned income tax credit will take a bit longer. By law, the IRS can’t issue a refund that includes the EITC or the Additional Child Tax Credit before mid-February. That's part of an effort to deter fraud. The IRS said it expects most EITC/ACTC refunds to be available by Feb. 28.Refunds are processed faster for people who file electronically, including through paid tax preparers, and who have set up direct deposit accounts to accept the money.
The differences in wait times can be significant. The Arizona Department of Revenue said it took an average of nine days last year to turn around refunds on electronically submitted returns, compared to 56 days for refunds from paper filings.
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