As tax season kicks off, the IRS anticipates processing over 140 million individual tax returns by the April 15 deadline, and many early filers are already anxiously awaiting their refunds.
It’s no surprise then that this week saw a spike in folks typing “where’s my refund?” into search engines, as noted by Google Trends data. According to a survey conducted by Credit Karma, which gathered responses from 1,000 adults between late December and early January, while about 27% of Americans are planning to treat themselves with their tax refunds, nearly half intend to use this money to pay off debts.
Typically, you end up with a refund if your paychecks have had more taxes withheld or if your estimated payments turned out to be more than what you actually owe. On the flip side, you’ll owe money if you haven’t paid enough throughout the year.
In personal finance news: Experts suggest ways to get your refund faster, highlight a valuable credit that nearly 20% of eligible taxpayers miss, and warn about potential audit flags if essential forms are absent from your tax return. By late December, the average refund was $3,138 for the 2024 filing season, as reported by the IRS. So, if you’re one of the many waiting for your refund this year, here are some key timelines and tips on checking your refund status.
### When You Can Expect Your Tax Refund
Former IRS Commissioner Danny Werfel mentioned in early January that “nine out of 10 taxpayers will receive their refund within 21 days of filing, sometimes even sooner.” However, he noted that several factors could influence when you’ll actually see your money. Certain returns might need “additional review,” potentially extending the wait time.
Mark Steber, the chief tax information officer at Jackson Hewitt Tax Services, advises, “Filing electronically can significantly cut weeks off your refund timing.” However, it’s important to remember that by law, the IRS cannot issue refunds for claims involving the earned income tax credit and additional child tax credit before mid-February. For those who opted for direct deposit and do not face other issues with their tax returns, refunds are expected by March 3.
### How to Check the Status of Your Tax Refund
The IRS recommends using the “Where’s My Refund?” tool or the IRS2Go app as the “easiest way” to check your refund status. The agency updates refund statuses overnight each day.
“We’ve enhanced this tool, and for those who prefer calling, we’re now offering voice bot services for refund information,” Werfel explained in January.
For an online check, you will need to have your Social Security number or individual taxpayer identification number at hand, along with your filing status and the exact amount of your refund. The IRS says you can expect a status update 24 hours after e-filing a current-year return, or three to four days after e-filing a return from a previous year. If you’re mailing in a paper return, updates might take up to four weeks.
