New Jersey Tax Refund Schedule 2024: When Will I Get My Refund?

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It's normal to dread tax season. However, the good news is that once you file, you may be entitled to a refund. If so, you may be wondering when you can expect to receive your money. The truth is that it can take anywhere from three weeks or more, depending on several factors such as how you want to receive your refund and your filing method. Whether you’re going to use your tax refund to pay down debt, save for a vacation or to put it towards an emergency, we provide answers to some common questions about tax refunds below.

2024 IRS refund schedule chart

Taxpayers could have started filing their taxes for the 2023 tax year on Jan. 29.. You can use the schedule chart below to estimate when you can expect to receive your refund based on when you filed your taxes and when it’s approved.

Remember This chart is an estimate. The exact time you’ll receive your refund will depend on several factors, including when your refund status is approved. If it isn’t approved with the estimated time as outlined in the table, the timeline will most likely be pushed back.

Plus, exactly when the money will appear in your bank account will depend on how soon your financial institution processes the transaction.

How does the tax refund process work?

Your tax return contains information about your income, investments, expenses and other tax details such as the amount of dependents you have. The information you submit will determine whether you owe taxes or receive a refund.

When you file a tax return, you may be entitled to a refund depending on several factors, such as your income, filing status and how many refundable tax credits you qualify for. In short, if you paid more in taxes than you actually owe, the IRS will issue you a refund.

If the IRS determines that you qualify to receive a refund, you have several options on how you want to receive it, including:

• Direct deposit to your savings or checking account.
• Prepaid debit card with the value of your refund (you can do this through a tax preparation service).
• Up to $5,000 in U.S. Savings Bonds.
• Paper check via snail mail.
• Deposit it into your Coverdell Education Savings Account (ESA), Archer MSA, or Health Savings Account (HSA).

If you’re required to pay quarterly estimated taxes (such as those who are self-employed) you can apply your refund towards future taxes you owe.

Keep in mind that if you opt to receive your refund through a prepaid debit card, you’ll mostly need to do so through a tax preparer. Choosing this option could mean paying fees which could eat into your tax refund you’ll receive. While you may receive your tax refund sooner (think of it as getting a tax refund advance from the tax preparation company), you’ll have to pay for the privilege. Consider whether you really need your tax refund quickly and if the fees are worth it to you before proceeding.

How long will it take to receive my tax refund?

Most taxpayers will receive their refund in around 21 days. Of course, the exact amount of time you’ll receive your refund will depend on the filing method you choose, how you want to receive your refund, and whether the IRS needs to review your tax return further.

In most cases, filing your tax return electronically and opting to receive your refund via direct deposit is the fastest option. Expect to wait much longer if you file a paper return and opt to receive your refund via a paper check.

The below table estimates how long it will take to receive your tax refund, depending on the filing method and payment option: