2024 Tax Season Update:
- The Internal Revenue Service (IRS) officially started accepting and processing federal individual tax returns on January 29.
- Taxpayers may receive their tax refund payments within two to three weeks, with timing varying based on when they file their returns.
- Refunds issued via paper checks may take slightly longer to process.
When is the IRS Issuing Refunds 2024
Tax Refund Timeline:
- Processing Time: Over 90% of refunds are issued in less than 21 days after tax returns are processed.
- Direct Deposit: Taxpayers receiving refunds via direct deposit typically receive them in about 14 days.
- Paper Check: Refunds sent by mail as paper checks usually arrive in around 21 days.
- Early Filers: Those who file early and opt for direct deposit may see their refunds as early as mid- to late-February.
- Peak Submission Period: The IRS experiences a high volume of submissions from mid-March through April, potentially causing delays in refund processing.
| Tax Filing Method | Tax Refund Period |
|---|---|
| E-file & Direct Deposit | 1–3 weeks |
| Paper File by Mail & Direct Deposit | 3 weeks |
| E-file & Paper Check by Mail | 6–8 weeks |
| Paper File & Paper Check by Mail | 6–8 weeks |
Tax Refund Hold Information:
- Legislation Requirement: The IRS is mandated to hold refunds until mid-February, delaying refunds until around February 27.
- Credit Verification Delay: For credits like the Earned Income Tax Credit and Additional Child Tax Credit, the IRS may need extra time to verify eligibility, leading to a potential one-month delay in refunds.
Why is the 2024 IRS tax return late?
Reasons for Tax Refund Delays:
- Further Review: Incorrect information may require additional review, prolonging the refund process.
- Fraud and Identity Theft: Cases of fraud or identity theft can impact refund processing timelines.
- Bank Involvement: If the bank detects suspicious activities, they may forward the refund to the IRS for verification.
- Special Forms: Refunds involving Form 8379 for Injured Spouse Allocation, Earned Income Tax Credit, or Additional Child Tax Credit claims may experience delays.
How do I find my IRS tax refund Status for 2024?
How to Track Your Tax Refund:
- Visit the IRS Website:
- Go to the IRS website and access the “Get Refund Status” page.
- Enter Required Information:
- Provide your Social Security number or Individual Taxpayer Identification Number, filing status (married, single, or head of household), and the total refund amount in whole dollars.
- Submit Your Details:
- Fill out the form with the required information and click on “Submit.”
- Confirm Personal Information:
- If prompted, verify your personal tax details and try again if needed.
- Input Filing Details:
- Enter the date of your tax filing and specify whether you filed electronically or by mail.
- Tracking Mailed Returns:
- If you mailed your return, wait up to four weeks for processing, ensuring at least 24 hours have passed since mailing.
- Check for Updates:
- Use the IRS tools to track your refund status, which will show as received, approved, or sent.
How can taxpayers in 2024 prevent delays in their refunds?
Tips to Prevent Tax Refund Delays:
- Choose Direct Deposit and E-File:
- Opt for direct deposit and electronically file your return for the quickest and most efficient refund process. The IRS processes most e-filed returns with direct deposit in less than 21 days.
- File Early:
- Submit your tax return ahead of time to expedite processing and refund issuance. Filing early can help you receive your refund sooner. The filing deadline is April 15, 2024, but you can start filing as early as January 29, 2024.
- Avoid Ineligible Credits:
- Do not claim the Additional Child Tax Credit (ACTC) or the Earned Income Tax Credit (EITC) if you are ineligible to prevent delays.
- Keep Copies of Tax Documents:
- Make copies of all tax documents you have. This will be helpful if you need to file an amended return or verify information with the IRS.
- Double-Check for Accuracy:
- Verify your return for accuracy before submission to avoid delays caused by errors that may need correction by the IRS.
By following these simple tips, taxpayers can help ensure a smooth and timely processing of their tax returns and refunds in 2024. Stay organized, file early, and double-check your information for a hassle-free tax season.