Tips & Tricks
Everything You Want to Know About Your 2020 Tax Refund
You’ve gathered all of your W2s and important tax documents, sat down at the computer and are ready to file your taxes. You’re probably wondering, “When do I get my tax return refund?” The short answer: It depends on a variety of factors, including some actions you can take to make the process run smoother. This year is historic when it comes to filing, but more on that below. Read on for everything you want to know about your tax refund.
How do I file a tax return?
If you’ve never filed a tax return or need help with filing, we suggest using an online, self-service tax filing tool like H&R Block, TaxAct or TaxSlayer. These tools will walk you through your state and federal tax returns step-by-step to ensure you don’t miss anything or make errors. All three can be found on Rakuten, so you can earn Cash Back even when you file your taxes.
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Cash Back*: 7.5% It doesn’t matter if you’re an employee with a W-2, a student, a parent or a business owner. TaxAct filing starts at $0 and the most popular option is $54.95. | |
Cash Back*: 37.5% A simple tax solution is free, and if you want an option for all tax situations to get your maximum refund, it starts at just $17. |
*These Cash Back percentages were recorded at the time of writing. Offers may change without notice.
How much will I get back after filing my taxes?
Most people get money back after filing their taxes, but the exact dollar amount all depends on your unique situation. Income, withholding and deductions all play a part. If you’re looking for a decent estimate, you can use a tax return calculator like this free one from H&R Block.
How long does a tax refund take?
Refunds are typically issued by the IRS within 21 days, but your refund could take longer if you had errors in your tax return or chose to receive a check instead of a direct deposit. If you haven’t filed your return, you should do so as soon as possible to prevent any delays.
Are tax refunds being delayed because of COVID-19?
The COVID-19 pandemic has caused widespread upheaval that’s being felt by businesses and institutions large and small. The IRS is not immune to the impact, but it’s working hard to process refunds and issue payment as quickly as possible. The tax filing deadline has been extended from April 15 to July 15, so if you haven’t filed you still have time. Our suggestion is to file as soon as possible if you want your refund in the next few weeks.
How do I track my refund status?
The IRS has a helpful section of their website called “Where’s my refund?” You can start tracking the progress of your tax refund 24 hours after you file. You’ll need your social security number or ITIN, filing status and your exact refund amount to track.
What happens if my tax refund check is lost or destroyed?
This scenario is uncommon, but it’s still good to touch on. If your tax refund is lost or was destroyed, you can file a claim for a replacement check 28 days after the IRS mailed your refund.
When do I get my COVID-19 stimulus check?
The United States federal government has signed a $2 trillion bill aimed at providing relief for Americans impacted by COVID-19. Many people are wondering when their check will arrive and if the IRS is issuing the checks. The IRS is still unclear on the details as this bill is historic and unprecedented, but you can check irs.gov/coronavirus for the latest updates.
How big will my COVID-19 stimulus check be?
The amount you’ll receive is based on prior tax returns. If you already filed your 2019 tax return, the amount will be calculated off your 2019 income. If you haven’t filed yet, the amount will be calculated using your 2018 tax return.
Individuals who make up to $75,000 will get $1,200. Married couples earning $150,000 or less with no children will receive $2,400. You’ll get an additional $500 for every qualifying child. Single people who earn $99,000 or married couples that make $198,000 will get nothing.
For the latest on tax information, make sure you bookmark the IRS website. It’s the source of truth for the latest and greatest information regarding tax returns, tax refunds and more. If you’re getting ready to file your taxes, make sure you’re a Rakuten member before you pick a filing service to make sure you get your Cash Back. If you’re not a member, it only takes a minute to join Rakuten and you’ll be earning for as long as you’re a member!
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