IRS Deposit Dates 2023: When will the IRS release refunds in 2023?

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Today, January 23, 2023, marks the first day of the 2023 tax filing season in the United States. The department of Internal Revenue Services (IRS) is expected to receive over 168 million individual tax returns between now and the April 18th deadline.

The 2023 tax filing season will also represent another step toward a return to normal with 2020 and 2021 being marred by the lockdowns that were in place to protect against the COVID-19 pandemic.

The implementation of the Inflation Reduction Act has also seen the IRS add to its numbers with an additional 5,000 new telephone support staff on hand to help filers have a smooth experience.

Why is this year’s tax deadline on April 18th?

This year will also see filers have three extra days to file their returns as April 15th, the usual deadline to file your taxes falls on a Saturday. The rules state that when the deadline falls on a weekend, the IRS moves the deadline day to the next business day.

However, the following Monday is Emancipation Day, a holiday recognized in Washington, D.C., where the IRS is headquartered, meaning that the deadline will fall on Tuesday, April 18th.

When are refunds set to go out?

If we go by previous years then it is fair to assume that the IRS starts issuing tax refunds two weeks from the time they file their taxes for 2022.

It goes without saying but the earlier one files their taxes the sooner they will receive their refunds, especially since March is typically when the IRS experiences its highest traffic.

It is also important to note that those claiming Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) will experience a delay of two to three weeks as the IRS verifies these claims.

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