IRS Refund Schedule (2018 Tax Year) – When To Expect A Refund In 2019

IRS Refund Schedule (2018 Tax Year) – When To Expect A Refund In 2019

IRS Refund Schedule (2018 Tax Year) – When To Expect A Refund In 2019

Thomas Minter

Thomas Minter

In just under three years, Thomas eliminated $80,000 student loan debt by house hacking and saving 50% of his income. He works for a large engineering firm, lives in the Bay Area and is addicted to Personal Capital
Thomas Minter

The IRS Refund Schedule (2018 Tax Year) is presented below. Find out when to expect your IRS Refund in 2019.

You work hard for your money, so it can be difficult to see a chunk of it sucked up in taxes.  It’s also not fun to see the government take more than they need only to give it back to you the following year. But if you know exactly what to expect when it comes to getting every dollar back that you deserve, that’s a great place to start.

If you are eligible for a tax refund, then this post is for you. To help get your finances in order (in prep for tax season), check out the free tools on Personal Capital. It helped me in 2018.

Interested in reaching financial freedom? Check out Financial Freedom:  A Proven Path to All the Money You Will Ever Need

When To Expect My Tax Refund?

January 2019 Update (Partial Government Shutdown):

The IRS, like many other government agencies, is currently operating with limited staff.

I know what you are thinking, do I still need to prep my taxes? Of course you do.

The IRS will still process tax returns, regardless of the ongoing budget conflict in DC. That said, when it comes to refunds, that’s not going to happen until the government is completely reopened.

Only a handful of people actually file taxes during the first week of the year. But as we get further into January, it could create a backlog.

Quick Tax Schedule Facts:

– The tax deadline for your 2018 tax return is Monday, April 15, 2019.

– Your 2018 taxes can be filed on, or around, January 29, 2019. 

– If you are an early filer, your tax refund may be delayed in 2019. 

IRS Tax Questions Explored:

When Are Taxes Due For The 2018 Tax Year?

When To Expect A Tax Refund In 2019?

Will 2018 Tax Refunds May Be Delayed in 2019? 

Where’s My Refund?

How will the new tax reform bill affect my taxes and potential refund in 2019?

The 2018-2019 IRS Refund Schedule

Where's My Refund?! There are some tax refund changes in 2019. Find out when you can expect your refund.

When Are Taxes Due For The 2018 Tax Year?

If you’re an early tax filer, we’ll get to you in a second. But if you plan on submitting your taxes in the spring sometime before the due date, you should expect to do so by Monday, April 15, 2019.

The IRS hasn’t stated when they will start accepting returns in 2019 yet but based on previous years, you can anticipate tax return season to officially begin on January 29, 2019. That means you can file taxes beginning on that date.

When To Expect A Tax Refund In 2019?

The big question on our minds is, “When will I get my money?”.

The fastest way to get your tax refund is to have it electronically deposited into your financial account. This is a free service.

Well, most taxpayers get their tax refunds in less than 21 days from the date the IRS received and approved their tax filing. The IRS actually doesn’t put out a calendar but rather states most people should be getting their refund within that 21 days. They also say that even if people use tax-filing software programs before tax season, filers shouldn’t eFile until the IRS has opened the tax system.

So the bottom line is that is will take about three weeks from the time your taxes have been filed. However, there are some exceptions.

While waiting for your refund, make some extra cash with Survey Junkie 

Will 2018 Tax Refunds May Be Delayed in 2019?

Congress passed a new law that requires the IRS to hold onto tax refunds including the Additional Child Tax Credit (ACTC) and the Earned Income Tax Credit (EITC). The IRS will hold these tax returns until February 15, 2019.

And it doesn’t matter how early you filed your return, if this is your situation, the IRS cannot release your refund until at least February 15.  Last tax season, the IRS said they would start issuing these refunds on February 27, so it’s probably safe to assume those refunds will be slightly delayed again.

Why this weird law? What’s the point?

The goal of this is to lessen the prevalence of fraud. The extended hold gives the IRS time to carefully review each of these returns.

2017 and 2018 experienced many credit attacks on large institutions. We found the best way to ensure that your credit is safe, is to monitor it early and often.

Where’s My Refund?

After you file taxes, you can track your refund by using the IRS’s Where’s My Refund? tool. This tells you what stage your refund is on and when you can expect to receive it. This way, you won’t have to be in the dark about when you’re money will arrive.

Again, the fasted way to get your tax refund if to file electronically (IRS eFile) and have the funds deposited directly into your bank account. This IRS program is called direct deposit. Interestingly, You can use it to deposit your refund up to three different accounts.

Direct deposit returns are common. About eight out of ten taxpayers get their refunds through direct deposit. It is fast and safe. Then direct deposit and e-Filing is combined, the IRS issues more than nine out of ten refunds in less than 21 days.

Does This Apply To State Tax Refund?

All of this stuff about timeframes and new law – it doesn’t apply to your state tax refund. So far, we’ve only talked about federal tax refunds.

Typically, your state tax refund can take up to 30 days to get back to you if you file electronically. But if you file a paper tax return, it can take up to 12 weeks (three months!) for your refund to arrive – that’s not surprising knowing how snail mail works.

If you’re wondering where your state tax refund is, you can either contact your state tax agency or check the Department of Revenue’s website for your state.

How Will The Tax Reform Bill Affect Your Tax Refund In 2019?

Back in December 2017, the government signed in new legislation that may affect the taxes you file in 2019 (2018 tax year). This new legislation could lower taxes for small business and individuals.

Here’s a quick highlight on what this tax reform will do for taxpayers:

– Lower tax rates for individuals

– Higher standard deduction

– Higher child tax credit

– No more dependent and personal exemptions allowed

– Some itemized deductions

– $10,000 limit on deductions for state income, sales, local, and property taxes combined

And there are more. But let’s take a look at the common situations that will be affected. This isn’t an exhaustive or comprehensive list of changes, just the highlights – things that may affect you.

Family With Children

A family with kids may see bigger refunds in 2019 – the child tax credit was doubled from previous years from $1,000 to $2,000. There’s also a non-refundable credit of $500 for each dependent that is not your child.

And these benefits have in the past phases out for families with an annual income of $110,000 or more. Now, that threshold is $400,000.

Standard Deduction Increase

Individual taxpayers will get a larger standard deduction in 2019 – it’s going from $6,350 to $12,000. The standard deduction for married couples who file jointly will go from $12,700 to $24,000.

Itemized Deductions And Lower Tax Liability

If you have itemized deductions on your return, you’ll probably see fewer deductions, which in turn lower your tax liability (tax debt owed by an individual). This is especially true if you live in a state with high property taxes.

Investment Expenses

If you have investment accounts, you will no longer be able to deduct the fees associated with those accounts.

Before this new tax reform, you were allowed to deduct fees from custodial or investment accounts (trust admin fees, investment management fees, etc.) if they exceeded two percent of your Adjusted Gross Income. Now, those can no longer be listed as deductions.

So if your IRA is quickly growing and you want to have it for the long-run, you may want to think about paying the fees out-of-pocket. Doing this means the money in your IRA will keep growing and still be tax-deferred.

Donations And Charity

If you are a generous person and list your donations to charity on your tax return, listen up. If your giving is less than the standard deduction, you could think about making 50-100% more donations in 2018 to surpass the deduction threshold. Then you can itemize those donations and increase your refund amount.

Obviously, not everyone can afford this. But if you can, it may be a smart move.

Lower Tax Liability For The Self-Employed, S Corps, and Partnerships

If you’re self-employed or have a partnership or S-Corp, you may have a lower tax liability this tax season. This could lead to a bigger refund for you because the tax reform allows for a 20% business income deduction for those who qualify. It also nearly doubles the amount that a small business can list as an expense for business equipment.

Form W-4

Because of the tax reform legislation, you’ll need to file a new Form W-4 with your employer if your life situation changes or if you get a new job. Your employer will most likely be aware of these changes too and should be alerting you of any necessary steps on your part. Also, you should definitely check with your tax advisor, or the IRS website, if you still have questions.

IRS Refund Schedule In 2019 (Tax Year, 2018)

Here are the 2019 IRS refund schedule estimates (2018 Tax Year) by the date your return was accepted and refund method. Estimated dates based on previous tax refund schedules released by the IRS. Typically, e-filers, combined with direct deposit, get their refund the fastest.

2019 IRS Refund Schedule Estimates (2018 Tax Year)*
Date Accepted By IRSDirect Deposit WirePaper Check Mailed
Jan 29 – Feb 2, 2019Feb 15, 2019Feb 22, 2019
Feb 3 – Feb 9, 2019Feb 22, 2019Mar 1, 2019
Feb 10 – Feb 16, 2019Mar 1, 2019Mar 8, 2019
Feb 17 – Feb 23, 2019Mar 8, 2019Mar 15, 2019
Feb 24 – Mar 2, 2019Mar 15, 2019Mar 22, 2019
Mar 3 – Mar 9, 2019Mar 22, 2019Mar 29, 2019
Mar 10 – Mar 16, 2019Mar 29, 2019Apr 5, 2019
Mar 17 – Mar 23, 2019Apr 5, 2019Apr 12, 2019
Mar 24 – Mar 30, 2019Apr 12, 2019Apr 19, 2019
Mar 31 – Apr 6, 2019Apr 19, 2019April 26, 2019
Apr 7 – Apr 13, 2019April 26, 2019May 3, 2019
April 15, 2019May 3, 2019May 10, 2019

*Note: Estimated dates based on previous tax refund schedules released by the IRS. Due to auditing processes, the IRS no longer publishes tax refund schedule charts. Refunds may be delayed this year.

After you file taxes, you can track your refund by using the IRS’s Where’s My Refund? tool. This tells you what stage your refund is on and when you can expect to receive it. This way, you won’t have to be in the dark about when you’re money will arrive.

Again, the fasted way to get your tax refund if to file electronically (IRS eFile) and have the funds deposited directly into your bank account. This IRS program is called direct deposit. Interestingly, You can use it to deposit your refund up to three different accounts.

Direct deposit returns are common. About eight out of ten taxpayers get their refunds through direct deposit. It is fast and safe. Then direct deposit and e-Filing is combined, the IRS issues more than nine out of ten refunds in less than 21 days.

High Yield Savings Accounts

Radius bank offers high yield savings accounts. The highest interest I’ve seen in years! If you are building up your emergency fund, a high yield savings account is a great place to do it. Each year, I put my tax refund to work, either through investments or my high yield savings account.

IRS Refund Schedule Summary

That was a lot of information to get through. But the main things to remember are:

Taxes are due Monday, April 15, 2019.

If you are eligible for a refund, you can anticipate your refund about 21 days after you e-File your return.

If you file by mail, it can take up to 12 weeks to get your refund.

For state tax returns, you should expect to wait up to 30 days to get your refund.

If your federal tax return includes the Additional Child Tax Credit (ACTC) or the Earned Income Tax Credit (EITC) and you file early, your refund may be held until at least February 15, 2019.

The new tax reform legislation may result in refund changes for some taxpayers.

If you have any questions, let us know in the comments. Although depending on your specific situation, you may need to speak with your tax adviser.

This article was contributed by Caleb Murphy.

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Thomas Minter
Thomas Minter
thomas@millennialmoney.com

In just under three years, Thomas eliminated $80,000 student loan debt by house hacking and saving 50% of his income. He works for a large engineering firm, lives in the Bay Area and is addicted to Personal Capital

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