Learn about your IRS tax refund status, including how e-filing and claiming credits like the child tax credit can affect your refund timing.
If you’re expecting a tax refund for 2024 for 2023 taxes and want to learn more about what to expect, we’ll provide you with valuable insights about the tax refund process for the filing season. Covers important topics like tax refunds, IRS processing times, filing methods, and the “Where’s My Refund?” tool. You’ll learn about the average tax refund amount, and when most refunds are issued for those who e-file or submit paper returns.
Also improvements to the IRS’s Refund Tracker tool for clearer updates, and special considerations for those claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). Additionally, it discusses efforts to reduce backlog, the impact of bank processing times and holidays on refund receipt, and the legal requirements for holding EITC and ACTC refunds until mid-February. Whether you’re a beginner or an experienced taxpayer. New for 2024 for 2023 tax filing.
Where is My Tax Refund? 2024 Taxes IRS Status Update
When do I get my refund? If you’re among the many anticipating a tax refund this year, you’re likely keen to know when it might arrive. With the economic fluctuations still impacting us, it’s natural to have some concerns about the timing and amount of your refund.
Last year, the average tax refund was nearly $3,000, reflecting the continued importance of this financial boost for many. Recent surveys indicate that a significant number of taxpayers are anxious about their refunds, with concerns about potential delays being quite common.
So, what’s the expected timeline for receiving your refund in 2024? The IRS maintains that most refunds are issued within 21 calendar days. For those submitting paper returns, the wait can be longer, closer to 4 weeks or more.
Where’s My Refund?
To check on your refund, the IRS offers the “Where’s My Refund?” tool on their website. E-filers can access their refund status 48 hours after submission, while paper filers might need to wait up to four weeks. This tool provides a personalized refund date once the IRS processes and approves your return, including notifications on receipt, approval, and dispatch of your refund.
Refund Tracker Tool
Also this year, the IRS has upgraded its “Refund Tracker” tool to offer more detailed and understandable status updates on tax refunds, especially for mobile device users. These enhancements aim to replace generic processing messages with clear, “plain language” updates, including alerts if additional information is needed from the taxpayer. This move by the IRS improves transparency and eases the tax refund tracking process for individuals.
Entering 2024, the IRS aimed to reduce its backlog, hiring additional staff to manage both residual and current year filings. Though, errors or discrepancies can still delay individual refunds by requiring further review.
For taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) in 2024, refunds are expected by February 27 at the earliest if the return is filed electronically, the refund is directed to a bank account, and no issues are detected. The “Where’s My Refund?” tool will update by February 17 for early filers of these credits. It’s important to note that financial institutions’ processing times and federal/local holidays may influence the exact timing of the refund receipt.
Regularly check the “Where’s My Refund?” site for the most current information on your refund, and remember, any inaccuracies in your return can lead to delays. We wish you a speedy receipt of your refund this year!
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Money Instructor does not provide tax, legal, or investment advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or investment advice. You should consult your own tax, legal, and investment advisors regarding your own financial situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing. Please note, the context of financial investments can be complex and dynamic, necessitating professional advice tailored to your unique circumstances.