When did you guys get the federal credit after filing your returns?

There's no "get" really. You file and [if your total required tax was $7,500 or more] you reduce it by $7,500. If you, for example, owed $10k, you only write a check for $2,500. If you had to pay $30,000, but had already [through payroll deductions] paid $31,000, you get back the $1,000 AND the $7,500. If your tax bill was $2,000 and you had paid $1,000 in payroll deductions, you only get the $2,000 back.

If you're asking how long it takes them to pay the refund if you get one, that has nothing to do with the $7,500 and varies depending on when you file and the funding state of the government (some payments were delayed during the shutdown). I filed two weeks ago and haven't seen a deposit yet.

 

As of two weeks ago, my tax preparer said that direct deposit refunds are showing up in about 2 weeks from e-filing. If that’s what you’re asking. That time frame will undoubtedly lengthen as we get closer to deadline and more people start filing. Another reason to file as early as you can.

 

In your last example, the money back should be $1000, right?

 

I filed in February and it took 2 weeks. Of course, this year the gov't is all kinds of crazy.

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Filed on 2/16, money was at my bank account on 2/26

 

20 days for me, but as already noted, this time frame has nothing to do with the tax credit from purchasing EV.

 

Yes--you get $2,000, but $1,000 is in form of a forgiveness of the $1,000 that was due. The other is the return from your $1,000 withholding.

 

I efiled on February 17th, and the refund arrived in my bank account 24 days later, March 13th.

 

I'm 25 days since filing and haven't gotten anything. Still shows as being processed.

 

Have you checked the free IRS "where is my refund" site: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp ?

You just need to provide a few things to identify you. I checked it, and it gave me an exact date that it was expected to transfer the funds to my bank. Turned out to be precisely correct

 

Yeah, it just keeps saying it's being processed. I always thought it was taking a while because of the credit but maybe something else is wrong with my filing...argh....

 

Sorry about that. I doubt that the refund credit is slowing things up, since some others have received theirs in shorter order than mine. Fingers crossed that the reason is that delays are increasing along with return volume, and that your money will be there soon. I don't know if you said that you efiled or by mail, but they do give much longer time estimates for the mailings.

 

You are right about how the fed credit works. I will get mine next year when I file my 1040. HOWEVER, I’m adjusting my W-4 now so they don’t withhold any more federal INCOME tax this year because my income tax bill will be less than $7500. Its a nonrefundable credit, so I will get all the income tax offset I can use up to $7500, but I won’t get any benefit against Social Security or Medicare tax. Soooo, you want to adjust your withholding exemptions high enough to get the right amount of income tax withheld but still pay the required FICA and MED. BTW I got my 2018 refund about two weeks after filing this year. Hope this helps.

State rebate programs are a completely different animal....

 

I have received my tax refund. It reached my bank account March 6, after I filed electronically on Feb 18, using TaxAct.com

 

We efiled on Jan 28. Our refund was direct deposited on Feb 13. So a pretty quick turnaround for us. It took 2 more weeks before we got the state refund, which was strange. Historically, the state has been ahead of the feds for us.

 

Not likely. The IRS usually just does an initial processing and settles things based on what is on the return. Later, they run it through a more detailed look and deal with problems then.

I received a notice from the IRS two years after a return I filed where they thought I neglected to report $200,000 of taxable income. Problem was the company that I rolled over an IRA out from didn't report it correctly as a direct rollover to another company. Easy to straighten out, but it had no effect on processing my return when I filed it.