With the 2024 tax season approaching, many taxpayers are eager to know when they might receive their IRS refund. The Internal Revenue Service (IRS) expects to process returns for nearly 140 million individuals by the April 15 filing deadline. Thankfully, the IRS offers tools like the “Where’s My Refund?” online service, which allows taxpayers to easily track the status of their refunds.
To check the status of their refund, individuals can use either the IRS2Go mobile app or the IRS website. Accessing this information requires the following details: your Social Security number or Individual Taxpayer Identification Number, your filing status (e.g., married or single), and the exact amount of your anticipated refund. The IRS updates the refund status once every 24 hours, making it straightforward to monitor progress.
If you electronically file your tax return and opt for direct deposit, you should expect to receive your refund within 21 days. On the other hand, those who file paper returns may want to prepare for longer waiting times, potentially exceeding four weeks. The IRS has cautioned against relying on specific refund dates, especially when significant expenses are approaching.
The IRS has highlighted some common factors contributing to refund delays. Returns containing errors or missing information can lead to processing holdups, as the IRS may require additional actions like filing an amended return. Refunds tied to credits like the Earned Income Tax Credit (EITC) or Child Tax Credit will also experience processing delays, as these cannot be issued before mid-February.
Taxpayers wanting to stay informed about their refund status can use the IRS’s online tool to check where their refund is. The refund status is available 24 hours after filing electronically for the current tax year. For prior-year returns, it typically can be accessed within three to four days, and those who mailed their returns should expect to look for updates four weeks post-filing.
The IRS’s refund tool indicates one of three statuses: “Return Received,” meaning the IRS is still processing the return; “Refund Approved,” confirming the IRS has approved the refund and should show the anticipated disbursement date; or “Refund Sent,” indicating funds have been sent out to the taxpayer via direct deposit or paper check.
Understanding how refunds work is key for taxpayers. Typically, refunds result from overpayments or withholding excess taxes from paychecks during the previous tax year. For 2024, the average refund was over $3,200. Nevertheless, taxpayers should be aware of what influences their refund amounts and timelines. Individuals earning up to $10,000 received average refunds exceeding $3,800, and even those making nearly $200,000 received less than $600 back on average.
For efficient tracking, taxpayers can utilize the IRS2Go application where following necessary instructions, they can swiftly assess their refund status, amend filings, and check details about any distribution. Using the app effectively can help minimize frustration and streamline what many still find to be the cumbersome tax filing process.
Another substantial innovation from the IRS is the introduction of the Direct File Program, which allows certain taxpayers to file directly with the agency without the need for commercial software. Originally piloted in 12 states last year, the program has now expanded to 25 states. It’s particularly advantageous for individuals with simple tax situations, such as those receiving only W-2 income. The IRS said participation led to over $90 million claimed through refunds last year.
For all taxpayers, proactivity is key. With tax filings and computations weighing heavily on many individuals' minds, utilizing available resources to monitor IRS refunds can significantly lessen stress. Staying updated through the IRS's tools not only helps taxpayers predict when they will receive funds but also enables them to address any arising issues much earlier rather than later.
So, whether it’s preparing to file your taxes or awaiting the arrival of your refund, leveraging platforms like the IRS’s “Where’s My Refund?” can provide valuable insights and peace of mind throughout the tax season.