Your tax refund may be the perfect solution for you if you need more money or have bills to pay. Refund season officially began on January 27, when the IRS began receiving tax returns. Since around 140 million Americans are anticipated to file their taxes this year, the most important issue is: When will your refund arrive?
A basic summary of important tax deadlines, how to monitor your refund, and what to anticipate along the process is provided here. When it comes to tax season, the most difficult aspect is waiting!
Is my refund somewhere? Ways to monitor your tax return
The IRS website offers a useful feature called Where’s My Refund? if you are unsure of when your tax refund will actually appear in your account. it allows you to see how your return is progressing.
A few essential details must be entered in order to view your refund update:
- ITIN, or your Social Security number
- The status of your filing (married, single, etc.)
- The precise refund sum that appears on your tax return
- You can use those three pieces of information to determine if your money is on its way or if you’re still in tax limbo.
What the status of your refund indicates
The system will provide one of three updates when you submit your information:
- Return Received: The IRS is presently processing your tax return, which has already been received.
- Approved Refund: Your refund has already been authorized by the IRS and will be sent shortly. They will provide a projected payment date.
- Refund Sent: Your reimbursement has been sent out already.
Depending on whether you opted for a paper check or direct deposit, it may take up to five business days for it to reach your bank account or weeks for it to come through the mail.
You’re not alone if you check your refund status every few minutes.
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How long does it take to receive your money back?
Your tax return filing method has a significant impact on how quickly you receive your refund. When you file electronically, the IRS processes your return much more quickly than when you mail in a paper return and wait for a check.
While some may take longer, reimbursements are often given out within three weeks.
The IRS highly discourages making large purchases or scheduling bill payments around the date of an anticipated refund. Certain returns need more examination, which might cause delays.
To put it another way, hold off on spending money that hasn’t yet been deposited into your account because tax season enjoys a good storyline twist.
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What’s causing the delay in my refund?
There are several reasons why the processing of your refund may be taking a long time. The IRS lists the following as the most frequent reasons:
- Information omitted or incorrectly filed: Regretfully, your tax return will be examined twice if you made any mistakes. If it is incomplete, has out-of-date information, or raises suspicions of fraud, IRS inspectors will take their sweet time reviewing it.
- Adjustments for tax credits: The IRS may need to verify the figures before approving your payment if your refund includes the child tax credit or recovery rebate credit.
It may take longer to complete special claims than a standard tax refund if you applied for Earned Income Tax Credit, Additional Child Tax Credit, or Form 8379 (Injured Spouse Allocation).
Bank delays: Even if the IRS issued your return on schedule, it will take a little longer for your bank (or credit union) to credit your account.
Simply said, if your return is taking longer than anticipated, it’s most likely caught in a backlog of bureaucratic paperwork.
The deadline for submitting taxes
Your 2024 federal income tax return must be filed by April 15, 2025. You have a little more leeway if you live overseas because the overseas filers due is June 16, 2025.
Due dates are strictly enforced by the IRS, so make sure to submit your return on time. Whether your electronic file is on time depends on the timestamp in your time zone. In order for a paper return to be considered filed on time, it must be mailed with the correct address, the appropriate postage, and a postmark by April 15.
