What time would my tax return be deposited

From 3 Jan 2022, Corporate Income Tax and GST refunds are not given automatically for businesses without GIRO with IRAS or PayNow Corporate. 

2. Outstanding Taxes/Penalties

When you have outstanding taxes/ penalties, your tax credit will be used to offset any outstanding taxes or penalties that you may have. You will not receive any tax refunds if your outstanding taxes/ penalties exceed your tax credits.

3. Advance Payment of Tax Assessment 

When you have made an advance payment in anticipation of a tax assessment.

4. Credit Due to GIRO Deductions

When your tax credit is a result of GIRO deductions for your provisional instalment plan and your tax assessment has not been finalised for that Year of Assessment.

5. GST Returns Not Filed

When you have one or more outstanding GST returns not filed.

6. Under Audit or Investigation

When you are under audit or investigation by the Comptroller.

7. Prior Unsuccessful Tax Refunds

When prior attempts to refund the tax credit to you had been unsuccessful.

8. Failure to Furnish Details for Tax Refund

When you have failed to provide IRAS with the necessary information to effect the tax refund. 

9. No Reply to Assessment Enquiries

When you have not replied to any outstanding assessment enquiries that may have an impact on the tax position.

10. Company Dissolved

When your company has dissolved, IRAS will hand over any tax credit in your company's account to the Insolvency and Public Trustee's Office (IPTO).

If you are the shareholder of the defunct company, you can approach IPTO to claim the tax credit. Charges will be imposed by IPTO for processing of the claim.

11. Bankruptcy

After you filed for bankruptcy, IRAS will hand over any tax credit you have to the Insolvency and Public Trustee's Office (IPTO). You may approach the Official Assignee for more information.

12. Overpayment of Withholding Tax

When there is overpayment of Withholding Tax under Section 45 of Income Tax Act remitted to the Comptroller of Income Tax.

Tax refund claims need to be filed by the local payer who remitted the tax or by the non-resident whose income was liable to tax. Tax credit will be refunded within 30 days upon IRAS' agreement and notification to Local Payer/Non-Resident of the refundable amount. 

13. Claims Approved After Sale of Property

If you are the ex-owner of a property, and the tax refund will not be made automatically to you if the tax credits arise from claims approved after the sale of a property. You will have to submit a request via myTax Portal within the time period stipulated in the letter sent by IRAS for us to process your tax refund.

14. Tax refunds below SGD100 to be made via Telegraphic Transfer

Tax refunds below SGD100 that is to be made via telegraphic transfers will instead be retained in your tax account to offset future tax liabilities. Please refer to 'Tax Refunds via Telegraphic Transfer' for details.

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Compare the best tax software of 2022

This year, you have until April 18 to file your taxes, but if you’re eager to receive your refund, we don’t recommend waiting until the last minute to file.

The IRS says you should file early and electronically—you’ll typically receive your tax refund fewer than 21 days after filing.

However, if you file a paper tax return, expect delays. The IRS warns paper tax returns will take longer to process due to Covid-19 mail delays.

Estimated IRS Refund Tax Schedule for 2021 Tax Returns

In prior years, the IRS issued its refund tax schedule to provide a timeline of when you can expect to receive your tax refund. While the IRS no longer publishes a refund tax schedule, we put together an estimate of when you might expect to receive your tax refund based on previous years.

How to Speed Up Your Tax Refund

You can do some things to speed up your refund, but once you file your taxes, they’re in the hands—and on the timeline—of the IRS.

Here are steps you can take to ensure you get your refund as quickly as possible.

1. Request Direct Deposit of Your Refund

According to the IRS, eight out of ten taxpayers use direct deposit to receive their tax refunds faster. This option is available to you whether you file online or by paper tax return.

If you don’t have a bank account, you may want to consider other options, such as a prepaid debit card—the IRS can issue your refund to one of these cards. But be warned: prepaid debit card providers can charge a lot of fees for everyday services like reloading the card, so shop around before deciding whether this is a good option for you.

2. File Your Tax Return Electronically

Combining direct deposit and electronic filing can greatly speed up your tax refund. Since filing electronically requires a tax software program, it can flag errors that may cause processing delays by the IRS. These errors can include incorrect Social Security numbers, dependents’ dates of birth, and misspelling of names.

You can electronically file your tax return for free using the IRS Free File Program if your adjusted gross income (AGI) is less than $73,000. Most simple tax returns (e.g. a basic W-2 and few deductions) can also generally be filed for free with commercial tax software providers, although you may be charged to file your state taxes.

If your tax situation is more complicated—if you sold property, paid business expenses or earned investment or business income, for example—you should consider hiring a tax professional. Having a knowledgeable tax professional, such as an enrolled agent, certified public accountant (CPA), or other tax professional, can help review your tax return and identify any mistakes that may slow down the processing of your tax refund.

3. Double Check Your Child Tax Credit and Stimulus Payments Online

During 2021, you may have received a monthly advanced child tax credit or stimulus payments. Depending on how much you received, you may qualify for additional credits on your tax return.

If you received monthly child tax credit payments, the IRS will mail you Letter 6419, which states the total amount of child tax credit payments received for 2021.

But double-check the amount reported on Letter 6419 before filing because the IRS said the letters might contain inaccurate reporting. If the amount of your Letter 6419 is different from what you expected, check the amount reported on your IRS.gov online account and use that number instead.

Also, you’ll receive Letter 6475 from the IRS, showing the amount of your third stimulus payment (this amount can also be viewed by logging into your IRS.gov online account). You’ll need the information from Letter 6475 to complete the Recovery Rebate Tax Credit, which allows you to request any additional stimulus payments that you may be due.

How to Track Your Tax Refund Status with the IRS

If you expect a tax refund this year, you can track your tax refund status with the IRS Where’s My Refund online tool or the IRS2Go mobile app.

You’ll need to input your Social Security number, filing status and your expected refund amount. The IRS updates your tax refund information within 24 hours after e-filing and updates the tool daily. If you filed your tax return by mail, expect longer processing times and delays.

If you don’t have access to online tools, you can also contact the IRS by phone at 800-829-1040 to obtain the status of your refund.

Some Tax Refunds May Be Delayed in 2022

If you claimed the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), your tax refund may be delayed. The IRS will issue tax refunds for returns that claim these credits starting in mid-February.

Your financial institution may also play a role in when you receive your refund. Since some banks don’t process financial transactions during the weekends or holidays, you may experience a delay in processing. If you opt to receive your tax refund by paper check, use our tax refund schedule to determine when you can expect to receive your refund.

Finally, you can expect your tax refund to be delayed if you filed an amended tax return. The IRS warns that it is taking more than 20 weeks to process amended tax returns.