What time/day does Irs direct deposit tax refunds?

What time/day does Irs direct deposit tax refunds?

Postby taggart » Sat Feb 12, 2011 5:05 am

I hear they do the dd's on fridays, but I checked the where's my refund site and it said I'd be getting it on the 14th, Monday. Also, if they only refund on fridays what time of day do they do it? Thanks.
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What time/day does Irs direct deposit tax refunds?

Postby eduard72 » Sat Feb 12, 2011 5:09 am

I got my refund at exactly 12:01 AM this morning, Friday.
My bank allows me to see my account update in real time.
I just happened to be logged in Thursday night, just before 12
and saw it deposited at 12:01 AM Friday.

The "Where's My Refund" site said it would be deposited today.
It yours says the 14th, I'm betting you'll have it late Sunday
night or very early Monday.

.
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What time/day does Irs direct deposit tax refunds?

Postby alson » Sat Feb 12, 2011 5:11 am

The older MF system releases refunds overnight on Thursday night through Friday morning. It's a huge batch and takes several hours to transmit.

The newer CADE system releases refunds around the clock 7 days per week.

The length of time that the funds take to get to your account depends largely upon your bank's posting procedures. If they post in real time it can be there in minutes. If they batch process at end-of-day, a Thursday night transmission would process Friday night and be posted as of beginning of the next banking day, which would be Monday.
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What time/day does Irs direct deposit tax refunds?

Postby seward » Sat Feb 12, 2011 5:13 am

The older MF system releases refunds overnight on Thursday night through Friday morning. It's a huge batch and takes several hours to transmit.

The newer CADE system releases refunds around the clock 7 days per week.

The length of time that the funds take to get to your account depends largely upon your bank's posting procedures. If they post in real time it can be there in minutes. If they batch process at end-of-day, a Thursday night transmission would process Friday night and be posted as of beginning of the next banking day, which would be Monday.
in my expirience it is always there first thing in the morning but today i have still yet to get mine :) but i did stumble on this info....Turbo Tax E-filers Refund Delay
1
Taxpayers who filed their tax returns electronically using Turbo Tax by Intuit may experience a delay in getting their refunds due to a ‘processing error’ by Turbo Tax. The Turbo Tax spokesperson, Julie Miller issued a statement:
“We deeply regret the inconvenience this has caused these customers. We made a mistake and are doing everything we can to make it right. We are communicating directly with customers affected and of course, we’ve waived all TurboTax fees.”
This error affects possibly thousands of taxpayers who opted to receive their refunds via direct deposit. If you are one of the affected taxpayers, you will be receiving your tax refund by paper check instead. Furthermore, the IRS will mail your check approximately one week after the day you were scheduled to get your direct deposit.
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