Are you expecting a federal or state tax return? You can check your tax refund status via IRS’ My Refund Tool but first let’s understand what is a tax refund? The term ‘Tax Refund’ will be defined as a compensation that will be made to a taxpayer for excess amount paid in taxes to state or federal government. Nonetheless, excess amount in taxes can be paid by several reasons which allows a person to be eligible for the tax refunds. Though, most of the tax credits are non-refundable but there are few refundable taxes too including Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and American Opportunity Tax Credit (AOTC). The best advice for a taxpayer is to avoid paying overtaxes which will lead to a withdrawal from a refund when you file your tax returns. Through this blog, you will be qualified to gain insights on how to check your federal tax refund status and when can you expect it.
IRS Tax Refund 2024
- In case you have paid more in taxes than you owe, then you are eligible for a tax refund. An eligible citizen who has not file their tax returns yet can file by using IRS Free File Partner which is the easiest and the fast online mode to file your tax returns. You can get your refund by certain payment modes including direct deposits, paper checks, prepaid debit cards, U.S. saving bonds and mobile payment apps. The direct deposit will be transferred directly to the bank accounts of the taxpayers from the Internal Revenue Service. The refunds are expected to be issued within 3 weeks after a taxpayer file their tax returns. However, in some instances, a delay might be expected in refunds to be issued via IRS.
- As previously mentioned, tax overpaying may depend on several reasons which allow a taxpayer for refunds when they file their tax returns. For instance, in case a person does not fill the Form W-4 accurately and intentionally filling details to higher withholding and larger tax refund at tax time. Thus, it is advised to the taxpayers to avoid errors while filling the Form W-4 which will help in keeping your funds in your pockets. In addition to it, you are also eligible for a tax refund if you qualify for a refundable tax credit. For instance, Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Premium Tax Credit (PTC). You can check your tax refund status on IRS My Refund Tool which is mentioned below in the post.
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IRS Where’s My Refund Overview
| Post title | IRS Where’s My Refund |
| Country | The USA |
| Department | IRS |
| Category | Finance |
| Purpose | To issue tax returns |
| Year | 2024 |
Understanding IRS’ My Refund Tool
The eligible citizens who did not file their state or federal tax returns of previous year, can prepare and file by using IRS Free File. It is a public-private partnership between IRS and tax preparation and filing software companies which provide tax preparation and filing for free. Recently, the IRS launched a new and updated My Refund Tool which allows the taxpayers to check their refund status for previous years’ taxes. As per IRS’ guidelines, a taxpayer will need their Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) along with filing status and the expected refund amount from their original tax returns to be able to use this tool.
The My Refund Tool is available on the official website of the IRS or IRS2Go mobile app which can be used by the taxpayers. The tax refunds will be issued as per the schedule of IRS and a taxpayer will not need to contact IRS to check their tax refund status. The fastest way for the refunds to be issues is via direct deposits. However, you can also choose other modes for your tax refunds which include U.S. saving bonds, paper checks, mobile payment apps and prepaid debit cards.
Check Your Federal Tax Refund Status
After filing your tax return of previous tax year, you can check your tax refund status on the Where’s My Refund Tool on the official website of the IRS or via IRS2Go mobile app. Since it is the first place a taxpayer can check their refund status, you will not have to contact IRS unless the where’s my refund tool asks you to check any information on IRS. The taxpayers will be able to track their refund status through three stages which include: Return perceived, return received and return send.
If you are e-filing your tax returns for the previous year, then you can track your refund status within 24 hours after filing. However, if you are mailing your tax returns, then it can take up to four weeks until your refund status will show up. Thus, it is advised to use IRS free file which is the fast and accurate mode to prepare and file your tax returns.
When Can You Expect Your Federal Tax Returns?
As mentioned earlier, taxpayers can check their tax refunds on the where’s my refund tool which is available on both IRS website and IRS2Go mobile app. Usually, taxpayers can expect their tax refunds within three weeks or 21 days if they have e-filed their tax returns of previous year. On the other side, it is expected that the refunds are issued in 4 weeks or more in case of amended returns or returns sent by mail. In case of any correction or review required, taxpayers can expect more delay in their returns to be issued via IRS.
However, if your refund is not what you expected, then you will get a notice of the changes made by the IRS in your refunds. You can also apply for a replacement refund if your refund is destroyed or missing. On the other side, the authorities will ask you to make a return of the refund in case you are not entitled to receive it. For more information, you can also visit the official website of the Internal Revenue Service.
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As a Editor at Sass News Portal ,Lara skillfully combines her knowledge of political economy and personal finance to empower readers with crucial insights and answers to their most pressing questions. With her finely honed analytical skills and a commitment to providing accurate coverage of today’s pressing issues, Lara strives to engage readers across a wide range of topics.