Tax season is here, and many Americans are asking, "Where’s my refund?" With the Internal Revenue Service (IRS) now accepting 2024 tax returns, taxpayers are eager to know when they can expect their money back. Whether you’re anxiously awaiting your deposit or trying to figure out if something is amiss, here's what you need to know about tracking your tax refund and potential delays.
The IRS usually processes electronic tax refunds within 21 days of receiving the filing, provided there are no errors. This year, it’s particularly relevant for those who filed after early January, as many individuals will want to secure their refunds as soon as possible. For those who file paper returns, be prepared to wait longer, often as much as four to six weeks or more.
Tracking your tax refund can be done using the IRS's "Where’s My Refund?" tool available online at IRS.gov or via the IRS2Go mobile app. To get started, you'll need to gather three key pieces of information: your Social Security number or Individual Taxpayer Identification Number (ITIN), your filing status (single, married filing jointly, etc.), and the exact dollar amount of your expected refund from your 2024 tax return.
Once you've accessed the tracking tool, you’ll see one of three refund statuses. If your return is classified as "Return Received," it means the IRS is still processing it. If it says "Refund Approved," your refund has been processed and is on its way to you. Finally, if you see "Refund Sent," this indicates the IRS has issued your refund, but you may need to wait up to five days for it to show up in your bank account.
The fastest taxpayers will receive their refunds if they e-file and opt for direct deposit, potentially seeing their money as soon as 21 days after the IRS accepts their returns. To give you some perspective, if you e-filed your return on January 27, you could have your refund by February 17, assuming there are no processing delays.
But what if you have claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC)? The IRS is legally prohibited from issuing refunds for these credits until at least mid-February. So, if you're expecting money because of these credits, plan on waiting until approximately March 3 for it to hit your account.
Several factors can lead to delays. Common culprits include the submission of paper returns, errors or incomplete information such as missing Social Security numbers or incorrect filing statuses, and flagged returns due to potential identity theft or fraud. To avoid unnecessary delays, double-check your return for any mistakes before submitting.
Here’s how you can speed up your tax refund process:
- File electronically - This drastically reduces processing time.
- Select direct deposit for the fastest and safest refund method.
- Ensure your return is error-free to avoid flags for additional reviews.
So when should you call the IRS? The agency suggests only doing so if it’s been more than 21 days since you filed electronically, more than six weeks after mailing your paper return, or if the tracking tool directs you to contact them for more information.
Aside from individual returns, interesting developments this tax season include the expansion of the IRS's Direct File program to 25 states. This will assist qualifying taxpayers to file their returns more efficiently and potentially save on preparatory expenses. New states included for 2025 are Alaska, Connecticut, Idaho, Illinois, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, and Wisconsin, adding to existing states like Arizona and California.
Aside from tax refunds, some taxpayers might be eligible for $1,400 stimulus payments allegedly owed from previous COVID relief efforts. Be sure to file for the Recovery Rebate Credit by April 15, 2025, if you believe you qualify.
Bottom line: Tax refunds are typically processed within 21 days for e-filers and can take longer for paper filings. The best way to track your refund is via the IRS’s tools or the IRS2Go app. If you run across any delays, checking for errors, filing electronically, and being patient are your best strategies. Stay informed by visiting IRS.gov/refunds for the latest updates.