Under normal economic conditions, every year roughly three-quarters of US tax filers typically end up getting a refund after they file their federal income tax returns.

According to CNN, last year 77% of filers got one, and the average refund was $2,549, according to Internal Revenue System data.

Also Read | Indian-American pleads guilty to $10 million COVID-19 aid fraud

However, this year, with the ongoing pandemic and the economy taking a massive hit due to the COVID-19 pandemic, those filing their 2020 tax returns can expect to see a bigger check owing to new and enhanced tax breaks designed to provide financial relief. 

When can you start filing for your tax returns?

The IRS will start accepting returns on February 12, and the filing deadline is April 15. Although tax filers who expect to get money back often file early in the tax season. 

By when can you expect to receive your returns?

IRS also makes sure the refunds are sent out quickly, typically in less than 21 days after receiving your return.

Also Read | Nebraska Cop dupes bank, investors of $10 million, biggest scam in US police

Hence, if you file your return on February 12, you’re likely to see your refund during the first week of March, assuming there are no outstanding issues with your return, you have filed electronically and you opt for direct deposit, said Kenneth Corbin, the IRS Commissioner of the Wage and Investment Division, CNN reported.

Those who file their returns electronically and elect to have their refunds direct deposited into their bank accounts receive them the fastest, the agency said.  

Anyone getting a refund electronically may choose to have that money split and deposited into more than one account.

How to get updates on tax returns?

If you’re eager to track your returns, use the ‘Where’s My Refund?’ tool from IRS, which is updated once a day, usually overnight.

Also Read | New York Stock Exchange to relocate if state taxes stock trades

A mobile application of the tool can also be download on your phones. This will tell you when your return has been received, when your refund has been approved and when it has been sent to you.  

How to claim most stimulus for which you’re eligible?

In 2020, if you earned less than $75,000 as a single person, or $112,500 as head of household or $150,000 as a married couple and haven’t already received COVID relief payments from the federal government, filing your federal tax return will be the best way to get the full amount of the two economic impact payments for which you’re eligible.